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% |
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.