Most Americans say tariffs hurt the economy
For the last few decades, freer trade has helped the United States to keep prices relatively low for shoppers. Tariffs are taxes on imports which help competing domestic firms by raising the prices of goods. These tariffs will increase prices for a wide range of products across the U.S. economy, both directly and indirectly. These higher prices could raise U.S. firms’ production costs and will squeeze Americans’ shopping budgets. The pessimism expressed by Americans about higher tariffs is justified."
Professor of Economics
Bentley University
Tariffs are complex, and most American don’t fully understand how import restrictions affect exports and price levels. Tariffs on steel, for instance, drive up prices not only for the commodity itself, but for all downstream products that use steel, including cars. More expensive cars, in turn, make our exports less competitive — and that’s without taking into account retaliatory tariffs from other countries, which further hurt our exports and affect the cost of U.S. goods and job markets. As tariffs are imposed on more and more goods, the hardship imposed by rising prices and unnecessary unemployment spreads across all sectors of the economy."
Professor Emerita of Economics
Bentley University