Economists calculated the cost of Trump's tariffs for Americans. The numbers are staggering

Core Insights - The new tariff hikes proposed by the Trump administration are projected to increase the number of Americans living in poverty by approximately 650,000 to 875,000 by 2026, which represents 0.2% to 0.3% of the U.S. population, including 150,000 to 375,000 children [3][4] - Tariffs are viewed as indirect taxes that raise prices and reduce the purchasing power of low-income households, leading to a higher incidence of poverty among these groups [3][5] - U.S. consumers have absorbed 22% of tariff costs as of June, with expectations that this will rise to 67% by October, indicating a significant impact on consumer spending power [4][6] Economic Impact - The analysis utilized both the official poverty measure (OPM) and the supplemental poverty measure (SPM) to assess the impact of tariffs on poverty levels [4] - The average effective tariff rate faced by consumers is estimated at 18.6%, the highest level since 1933, which further exacerbates the financial strain on lower-income families [6] Legal Context - The Supreme Court has agreed to hear arguments regarding the legality of the Trump administration's global tariffs, which may influence future tariff policies and their economic implications [6]