Trump Tariff War... "US Household Burden Increases by 1.2 Million Won Annually"

Production to Decrease by 0.4% from 2025 to 2034
Total Tax Burden to Rise by $1.2 Trillion

U.S. President Donald Trump has warned of a tariff war against Canada, Mexico, and China, and a study has found that this will increase the financial burden on American households.

On the 1st (local time), the U.S. online media Axios cited a study by the nonprofit think tank Tax Foundation, reporting that President Trump's tariff policy is estimated to cost American households an average of $830 (about 1.21 million KRW) annually this year.

According to the study, if tariffs of 25% are imposed on Canada and Mexico, and 10% on China, U.S. production will decrease by 0.4% over the 10 years from 2025 to 2034, and taxes will increase by $1.2 trillion (about 1,750 trillion KRW). When converted per household, this amounts to $830 annually.

The Tax Foundation stated that tariffs on Canada and Mexico alone would lead to a $958 billion increase in taxes over 10 years, resulting in a $670 burden per household.

Previously, the Tax Foundation pointed out that the introduction of tariffs during Trump's first administration increased taxes by $80 billion in 2018-2019, and that the Biden administration's imposition of $18 billion in tariffs on Chinese semiconductors added an additional $3.6 billion in tax burdens.

This content was produced with the assistance of AI translation services.