U.S. President Donald Trump initiated a trade war, accusing international partners of acting against America’s interests. As a result of his actions, tariffs could seriously affect the financial situation of ordinary Americans, particularly those with low incomes.
This is reported by Finway
Economic Consequences for Households
The publication Axios cites data from an analysis by the Yale Budget Lab, which indicates that the introduction of 20% tariffs could lead to a 5.5% reduction in the income of the poorest families. In contrast, high-income households will experience a lesser impact, with income falling by only 2.1%.
Costs for Different Population Groups
It should not be assumed that this will not affect the middle class or wealthier Americans. Since the richest families earn and spend more, their financial burden from the new tariffs will be higher in absolute terms. For middle-income households, the costs of tariffs could average $3,800 per year, while for the wealthiest, it could be around $9,500 per household.
Overall, in the long term, the scale of the economic consequences may lead to a decline in asset prices, which will impact the wealthier segments of the population.