State of U.S. Tariffs: August 1, 2025

Reporting cited here

1. documented

   Trump imposed the tariffs as promised, and the incidence evidence puts part of the bill on U.S. households, against the affordability promise. The original IEEPA duties were invalidated, the temporary Section 122 duty expired, and the July 2026 Section 301 regime changed the exposure materially. What that regime costs a household remains unresolved.

   Executive summary and consumer-price effects

   Tariffs as a Household Tax — Audit finding · Cited analysis

2. reported

   The Budget Lab modeled the tariffs then in effect as raising the short-run price level by 1.8 percent and reducing average household purchasing power by about $2,400 in 2025 dollars.

   Executive summary and consumer-price effects

   Tariffs as a Household Tax — Outcome · Outcome