Trump's Permanent Tariffs Squeeze US Consumers

The Trump administration has announced new tariffs that will be in place for the long haul, and consumers are likely to bear the brunt of their cost.

The tariffs, which cover nearly all U.S. imports, are designed to be permanent and will be stacked on top of older levies, leading to a total cost burden increase even if tariff rates don't change.

Tariffs have been unpopular since 2025, but the Trump administration has continued to pursue them as an instrument of personal power, with President Trump declaring that U.S. tariffs 'aren't high enough'.

A recent study by the Dallas Federal Reserve found that the Fed's preferred inflation measure would have risen at an annual rate of 2.3% in March without tariffs, instead of its actual 3.2%, and consumers are paying anywhere from half to the entire cost of the levies through higher prices.