The Trump administration imposed nearly $80 billion worth of new taxes on Americans by levying tariffs on thousands of products valued at approximately $380 billion in 2018 and 2019, amounting to one of the largest tax increases in decades.
Candidate Trump has proposed significant tariff hikes as part of his presidential campaign; we estimate that if imposed, his proposed tariff increases would hike taxes by another $524 billion annually and shrink GDP by at least 0.8 percent, the capital stock by 0.7 percent, and employment by 684,000 full-time equivalent jobs. Our estimates do not capture the effects of retaliation, nor the additional harms that would stem from starting a global trade war.
https://taxfoundation.org/research/all/federal/tariffs/
Trump’s tariffs boosted some domestic industries, like steel, and increased tariff revenue, but overall harmed the economy. They raised consumer prices, disrupted supply chains, and led to retaliatory tariffs that hurt U.S. exports, especially in agriculture, requiring billions in subsidies for farmers. Despite their intent, the trade deficit grew, and the Federal Reserve estimated they reduced GDP by 0.3% and cost jobs, outweighing the short-term benefits.
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