A new study finds that President Donald Trump’s tariff policies are landing hardest on the nation’s poorest households, with the bottom income decile bearing the brunt of the economic fallout.
What Happened: On Sunday, Yale University’s The Budget Lab, a non-partisan policy research center, unveiled its report titled “State of U.S. Tariffs,” assessing the impact of Trump’s “Liberation Day” tariffs across American households and industry.
The report, which analyzes all U.S. tariffs and foreign retaliation measures implemented through June 1, calculates short-run consumer losses before households shift their spending habits, as they often do in response to shifting market and price dynamics.
However, even after the substitution effect kicks in, the study finds a lasting …