“Tariffs are taxes. And Americans are going to pay on average $800 more a year because of these tariffs.”
— South Bend, Ind., Mayor Pete Buttigieg
Buttigieg quotes from a May study by the Federal Reserve Bank of New York, which estimated that because U.S. purchasers of imports from China must pay tariffs imposed by President Trump, the costs will largely be borne by U.S. households. The total annual cost of the new round of tariffs to the typical household would be $831. That’s on top of $419 a year from tariffs imposed by Trump in 2018.