Trump tariffs erase nearly all tax-cut benefits for US households: report
The tariffs the Trump administration has imposed on goods from US trading partners have already shaved off all but US$100 of the benefits American households earned per year on average from the administration's 2017 tax cut bill, US media reported Friday.
Days after the Republican Party-proposed Tax Cuts and Jobs Act got passed, a study dated December 18, 2017, by the Urban-Brookings Tax Policy Center, a Washington think tank, found that the bill would cut an average of US$930 in tax for middle-class American families.
The Federal Reserve Bank of New York in March research concluded that the US tariffs already in place would cost middle-income American households about US$831 on average.
Bloomberg News said that due to the additional tariffs that Trump has implemented and threatened to implement, US$100 of the altogether US$930 of tax cut gains for each middle-income American family "will soon disappear."