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Trump's Tariffs Shift Costs, Fuel Inflation Concerns

3/19/2026

34 6 Full Breakdown

Summary

Story summary

U.S. President Donald Trump's tariff policies have shifted 96% of tariff costs to U.S. firms and consumers, economists say.
In 2025, the trade deficit rose 2.1% to a record $1.23 trillion.
Republican voters show skepticism, with 64% saying tariffs fuel inflation.
Democrats advocate tariff refunds to consumers ahead of the midterms.
The Supreme Court ruled many tariffs illegal, leaving $175 billion in refunds uncertain.

History

Historical Context

The Smoot-Hawley Tariff Act, enacted on June 17, 1930, raised U.S. tariffs on imports, leading to a 66% decline in international trade and worsening the Great Depression. This protectionist measure prompted retaliatory tariffs from countries like Canada and the UK, contributing to global economic turmoil. Today, similar tariff policies under President Trump have resulted in a record trade deficit of $1.23 trillion in 2025.

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Story summary

U.S. President Donald Trump's tariff policies have shifted 96% of tariff costs to U.S. firms and consumers, economists say.
In 2025, the trade deficit rose 2.1% to a record $1.23 trillion.
Republican voters show skepticism, with 64% saying tariffs fuel inflation.
Democrats advocate tariff refunds to consumers ahead of the midterms.
The Supreme Court ruled many tariffs illegal, leaving $175 billion in refunds uncertain.

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