Did the Trump tariffs lower prices for American consumers?

The 2018-19 tariffs increased prices for both imported and domestically produced goods.

The tariffs required U.S. companies to pay an additional fee to import many foreign goods. Some companies passed on these fees to consumers by raising retail prices. Domestic producers responded by raising the prices of their own goods, which became artificially more competitive.

The U.S. International Trade Commission found that in 2021, the tariffs increased prices between 1.7% and 7.1% in then ten most affected sectors. These include apparel, car parts, furniture, and computer equipment.

The Biden Administration has kept or increased the majority of Trump's tariffs, particularly on China, citing continued unfair trading practices.

President-elect Trump has proposed a 10% tariff on all U.S. imports and a 60% tariff on Chinese goods. The Yale Budget Lab estimates consumer prices would rise by 1.4% to 5.1% with a cost per household of $1,900 to $7,600.