Insurance Institute of Ontario- At the Forefront: Tariffs, Turbulence & the Tipping Point
- An analysis details how current tariffs disproportionately impact American income groups.
- President Trump previously imposed these tariffs, the steepest in over a century.
- Economists predict businesses will pass tariff costs onto US consumers as higher prices.
- Higher prices mean families earning $28,600 or less spend 6.2% more income.
- This burden on low-income families is over three times greater than for the wealthiest Americans.
8 Articles
8 Articles
Insurance Institute of Ontario- At the Forefront: Tariffs, Turbulence & the Tipping Point
The Trump Administration’s current and proposed tariffs are already inflicting damage on the Canadian, U.S., and global economies. Even with carveouts under the CUSMA agreement, measures like the steel and aluminum levies, and those tied to fentanyl/border security and autos, are slowing growth and shaking investor confidence. A recession appears increasingly likely, and the outlook is clouded by intensifying uncertainty. With governments prepar…
Tariffs will hit low-income Americans harder than richest, report says
President Donald Trump's tariffs would effectively cause a tax increase for low-income families that is more than three times higher than what wealthier Americans would pay, according to an analysis from the Institute on Taxation and Economic Policy.
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