Like every single person who didn't have their head fully up their own ass already knew...

"The tariffs are a big (regressive) tax increase: Top bank crunches the numbers on how much Americans are paying for Trump’s trade regime."

"UBS expects the tariffs to have a cumulative direct impact of 1.4 percentage points on the level of core PCE through 2028,
rising to nearly 1.9 points once knock-on effects like supply chain rerouting and domestic producers raising prices under tariff protection are factored in.
Simply: tariffs alone could account for nearly two-thirds of the remaining gap between current inflation and the Fed’s 2% target."

"The report highlights that most American households are less able to weather inflation now than they were two years ago.
While upper-income households are supported by AI-driven equity market wealth, households below the top 20% of the income distribution suffer from historically low liquid assets.
Rising costs, coupled with a slowing labor market, are diminishing consumer perceptions of future prospects."

"Economists find that what’s emerging is a feedback loop: tariffs designed to revive industrial strength are now helping to sustain inflation, which in turn weakens real income growth and constrains the very consumers meant to benefit from the policy."

Lastly tariffs are a regressive tax: they disproportionately punish lower-income Americans, raising the cost of living for those least able to absorb it.
While the wealthy enjoy the tax cuts Trump gifted them!

Remember when republicans used to know all this, before they joined the MAGA Cult?...
"We call a tariff a protective measure. It does protect; it protects the consumer very well against one thing, it protects the consumer against LOW prices." ~Milton Friedman

"Tariffs are simply taxes on imports which serve to raise the prices of those imports." ~Thomas Sowell

"Tariffs will shrink and collapse our economy." ~Ronald Reagan

fortune.com - Tariffs big tax increase decent chunk economy in recession ubs