NEW: American Families Have Already Paid Nearly $1,200 Each in Tariff Costs Since Trump Entered Office

WASHINGTON – The Joint Economic Committee – Minority today released a new report estimating that American families have already paid nearly $1,200 each in tariff costs since President Trump took office. Combining Treasury Department data on the amount of tariff revenue collected across the first 10 months of Trump’s term (February – November) with independent private sector estimates of the percent of each tariff dollar that is paid by American consumers, the Committee found that American consumers paid in total nearly $160 billion in tariff costs between February and November, an average of nearly $1,200 per family.

“While President Trump promised that he would lower costs, this report shows that his tariffs have done nothing but drive prices even higher for families,” said U.S. Senator Maggie Hassan, Ranking Member of the Joint Economic Committee. “At a time when both parties should be working together to lower costs, the President’s tax on American families is simply making things more expensive.”

Read the full report on the cost of Trump’s tariffs here.