Trump Tariffs Will Cost US Households $500 Each

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The Wall Street Journal reports on our latest tariff haul:

The U.S. is now on a pace to generate $72 billion in tariffs annually, and could well hit the $100 billion mark Mr. Trump has touted if new 10% tariffs on $300 billion in untaxed imports take effect on Sept. 1, as threatened….Although the U.S. had relatively low tariffs before the Trump administration’s latest actions, it still collected about $30 billion annually in pre-existing tariffs assessed against imports from China, Europe, Japan and other countries.

That’s $70 billion in new tariffs. The US has about 130 million households. So this comes to about $500 for every household in America.

Normally Republicans would be up in arms about higher taxes, but tariffs are a regressive tax so it’s OK. Anything that hits the rich more lightly than the poor is always worth a sympathetic look. And if it’s an invisible tax that screws the poor without them even knowing it? Now that’s a tax a Republican can love.

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SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

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