alt Hacker NewsI spent the past 30 minutes calculating this all manually using the sources listed below:
The practical takeaway is that the average household will spend $3,488.27 more as a result of the tariffs. Clothes, furniture, toys will be (mean) 26.9% more expensive, electronics will be 24.4% more expensive, tires and jewelry 16.2% and 17.1% more expensive, respectively.
If this is more acceptable to you, please voice your approval.
[0]: https://wits.worldbank.org [1]: https://dataweb.usitc.gov [2]: http://atlas.hks.harvard.edu
That actually checks out. If you take the median U.S. household income ($74,580) and factor in the effective tax rate (10.9%), eliminating federal income taxes would save the average household $8,167.50 per year. Subtract the $3,488.27 in extra costs from tariffs, and the net savings is still $4,679.23.
So yeah, if those numbers hold up, the median American household actually comes out ahead after everything is accounted for.