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Trump's Tariffs Hit Poor Hardest, Risk GDP Decline

11/20/2025

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Summary

Story summary

U.S. President Donald Trump imposed tariffs in 2025 that Yale Budget Lab says burden the poorest households, reducing the bottom 10%’s after-tax income by 2.45%.
The top 10% experience a 0.77% decrease, underscoring the regressive effect.
The lowest decile loses an average of $920, while the top decile loses $3,871.
The effective tariff rate has risen to 16.8%, the highest since the 1930s, and may trim GDP by 0.31%.

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Story summary

U.S. President Donald Trump imposed tariffs in 2025 that Yale Budget Lab says burden the poorest households, reducing the bottom 10%’s after-tax income by 2.45%.
The top 10% experience a 0.77% decrease, underscoring the regressive effect.
The lowest decile loses an average of $920, while the top decile loses $3,871.
The effective tariff rate has risen to 16.8%, the highest since the 1930s, and may trim GDP by 0.31%.