Former President Donald Trump advocated a 10 percent tax on all imported goods in the United States and a 60 percent tax on all imported goods from China. The Center for American Progress Action Fund has calculated that this would equate to an annual tax increase of $2,500 for a middle-income family.
Now Trump has opened the door for an even bigger tax increase by suggesting that the general import tax could be as high as 20 percent. He explained:
We’re going to put tariffs of 10 to 20 percent on other countries that have been ripping us off for years. We’re going to charge them 10 to 20 percent to come into our country and take advantage of it.
Using the same methodology, CAP Action estimates that a general import tax of 20 percent combined with a 60 percent tax on Chinese goods would mean a tax increase of about $3,900 for a middle-income family.* This includes a $200 tax increase on food, a $240 tax increase on oil and petroleum products, and a $210 tax increase on medicines.
A typical family would therefore have to pay between $2,500 and $3,900 in Trump’s import tariffs, depending on the exact tax rate, which ranges between 10 and 20 percent, at which goods from different countries can be taxed.
*Author’s note: The analysis assumes that the tax on imported Chinese goods is 40 percent, in addition to the 20 percent tariff on all imported goods.