#TrumpTariffs

President Trump's tariffs have had a significant impact on the US economy. The imposed tariffs on Canada, Mexico, China, steel, and aluminum are estimated to reduce US economic output by 0.4% and hours worked by 358,000 full-time equivalent jobs

. Additionally, the tariffs are expected to reduce after-tax incomes by an average of 1% in 2026, with the top 1% seeing the smallest decrease.

The average tariff rate on all imports is expected to rise to 8.4%, the highest since 1946.