US EditionTrump Administration Admits Americans Are Paying for Tariffs
- On May 18, 2025, Treasury Secretary Scott Bessent acknowledged that tariffs previously implemented are causing higher prices for U.S. Consumers.
- This admission follows years of claims that foreign countries absorbed tariff costs, but recent evidence shows U.S. Households bear the financial burden.
- Retailers including Walmart have announced price increases linked to tariffs, despite absorbing some costs, while cheaper gas somewhat offsets overall price pressure.
- Treasury Secretary Scott Bessent noted that although retailers such as Walmart might cover some of the increased expenses themselves, the additional costs are expected to be largely passed on to shoppers, with estimates indicating that the average household could see over $2,300 in extra yearly expenses.
- This development indicates that tariffs represent a significant tax on American consumers, posing challenges for household budgets and economic policies ahead.
30 Articles
30 Articles
How Trump Will Make The Tariff Shock Worse
In the fall of 1979, as I was just beginning my teaching career at MIT, I went to an economics conference in Vermont. I made the trip in a state of high anxiety — not because I was worried about my presentation, but because I was driving. And it wasn’t at all clear whether I’d be able to find gas for the return trip.For those were the days of fuel shortages and gas lines, with drivers sometimes waiting hours for the opportunity to refill their t…
Trump admits he was lying about the tariffs
This one will be short and sweet. I haven’t seen it mentioned yet, but by time I’m finished typing it, there will probably be dozens of versions out there. How may times has the orange-masked icon of mendacity told us that foreign countries will be...
What do tariffs mean for American farmers?
Stripped back from policy and political implications, tariffs are a tax on imports. They are used as a trade barrier to make imported goods artificially more expensive than goods produced domestically. So a company importing a good to the U.S. would pay a tariff to the U.S. Customs and Border Protection agency. The cost that a company pays to import a good is then (most often) passed on to consumers in the form of higher prices for that good. Th…
Coverage Details
Bias Distribution
- 71% of the sources lean Left
To view factuality data please Upgrade to Premium
Ownership
To view ownership data please Upgrade to Vantage
