President Donald Trump has used tariffs as a negotiating tactic with international governments. But those tariffs might be hurting U.S. consumers more than anyone else, according to a new study.
The tariffs and Trump’s broader trade policies with foreign governments reduced U.S. consumers’ monthly income by $1.4 billion by November 2018, according to a study from the Federal Reserve Bank of New York and both Princeton and Columbia Universities. The study, which was obtained by CNBC, found that tariff costs were passed on to the goods consumers have been buying. The countries that were slapped with U.S. tariffs didn’t take on any of the cost burden.
