Figure B

Eliminating tariffs would yield at best inconsequential gains for consumers

Pre-tariffs With tariffs, before pandemic  Pandemic + Ukraine war
Tariff and customs revenues, share of personal consumption expenditures  0.3% 0.4% 0.5%
PCE price index, average annualized growth rate 2.0% 1.8% 4.4%
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Note: Pre-Trump tariffs = 2016, third quarter–2018, first quarter; With tariffs, before pandemic = 2018, second quarter–2019, fourth quarter; Pandemic = 2020, first quarter–present.

 

Source: EPI analysis of BEA 2022 data.

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