Trump’s new tariffs will hit lower-income households the hardest
The ripple effects of Trump’s new wave of sweeping tariffs announced this week will be felt the most by lower-income Americans, who are heavily reliant on products from countries hit the hardest by Trump’s tariffs and have less disposable income to absorb higher prices.
Trump is placing some of his highest tariffs on goods coming from countries making the low-cost products that line the shelves of discount retailers. Products from Vietnam, Sri Lanka and Cambodia, for instance, will have a more than 40% tariff — that is, now importers will need to pay 40% of the value of those goods to Customs and Border Protection at ports of entry to get them into the country. Goods from China will have a total of more than 70% worth of additional tariffs.