Story perspectives

Tariffs Cost Households $1,200; More Price Hikes Ahead

11/18/2025

Summary

Story summary

A Brooklyn grocery store highlights how tariffs under U.S. President Donald Trump affect consumer prices.
The Tax Foundation estimates tariffs have raised the average American household's expenses by $1,200 this year.
JPMorgan Chase & Co. projects another $1,600 in costs next year due to ongoing tariffs.
The Trump administration attributes rising prices to previous Democratic policies.
Critics say the administration's economic approach yields mixed effects on inflation and affordability.

History

Historical Context

The Smoot-Hawley Tariff Act of 1930, signed by President Hoover, raised tariffs on over 20,000 imported goods, increasing average tariffs from 40% to 47%. This protectionist measure contributed to the Great Depression, as U.S. imports and exports plummeted by 67%. The long-term effects of such tariffs continue to influence contemporary trade policies, including those enacted under President Trump.

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Story summary

A Brooklyn grocery store highlights how tariffs under U.S. President Donald Trump affect consumer prices.
The Tax Foundation estimates tariffs have raised the average American household's expenses by $1,200 this year.
JPMorgan Chase & Co. projects another $1,600 in costs next year due to ongoing tariffs.
The Trump administration attributes rising prices to previous Democratic policies.
Critics say the administration's economic approach yields mixed effects on inflation and affordability.

1 / 2