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If you think eggs are expensive, wait until the new tariff hits your car. Goldman Sachs estimates that tariffs on imported vehicles could raise prices from $5,000 to $15,000. That's because tariffs are taxes on foreign imports paid by American consumers. These duties apply to almost all possible products. As a result, energy becomes more expensive, and gas prices in some parts of the country can be considered as an increase in costs per gallon by 70 cents. According to the National Association of Home Builders, building a detached home can be as expensive as $10,000 due to customs duties. Aluminum tariffs can cause prices to rise for even beer and hard seltzers.
Unfortunately, these tax increases are above the taxes already paid when tariffs were imposed during the first Trump administration. The Tax Fund calculated that tariffs from 2018 to 2023 imposed an additional $1,753 on American families. Furthermore, tariffs have been applied to more products, so this time the tax hike is poised to be even higher. The Peterson Institute predicts tariffs could cost $1,200 a year for families, but Yale's budget lab estimates tariffs would cost $4,200 a year for an average American family.
The fact that tariffs are taxes paid by consumers is not news for Americans. That's why vehicle sales rose almost 13% last month as Americans tried to make purchases before the 25% tariff on cars and parts came into effect.
Vice President JD Vance says Trump is “moving this economy in a different direction.”
Conservatives publicly recognized that tariffs were taxes paid by Americans. Milton Friedman clearly stated that tariffs “will raise prices to our customers and waste our resources.” Ronald Reagan similarly opposed protectionism because it “costs billions of dollars on consumers, damages the entire economy and destroys jobs.”
However, the actions of those currently defending tariffs acknowledge tariffs for damages, even if their words were not the case. Recently, the Agriculture Secretary has shown that the administration is preparing a programme to mitigate “economic catastrophe” for farmers who have been hurt by tariffs. The first Trump administration approved a $28 billion Farmer relief to offset the financial losses caused by tariffs. Do Americans expect to get hundreds, if not thousands, of dollars from the government to pay the increased costs caused by tariffs? Of course it's not.
Tariffs are not simply bad for American families and the national economy. Tariffs are bad for Republicans too.
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Tariffs were an election disaster for Republicans. McKinley's tariffs in 1890 caused a surge in prices, with Republicans losing nearly 100 seats in the House, and by the end of the next election the House, the Senate and the White House were all in democratic hands.
New York stock prices fell in June when the House passed Smoot Holy tariffs on May 28, 1929. The passage of the Smoot Holy Customs Senate on March 24, 1930 caused a dramatic decline in stock prices. And on June 17, 1930, President Herbert Hoover signed the bill, causing the stock market to plummet even further.
Smoot Holy tariffs in 1930 exacerbated the Great Repression and wiped out the Republican Party. By 1933, Republicans had died in more than 100 seats in the House and in both seats in both Congresses.
Even seniority and power could not save the authors and president of tariffs. Oregon Republican Rep. Willis Holy, who served in the House for 26 years, did not come back to return to his seat. After serving five terms in the Senate, Utah Republican Sen. Reed Smoot was defeated in 1932. And Herbert Hoover, the Republican president who signed Smoot Holy, lost the White House in a landslide at Franklin Roosevelt.
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Republicans would be wise to rediscover their principles and oppose new and high taxes. My Republicans can do that by supporting my bill. This is not taxable without the representative law.
President Donald Trump made his tariff comments at Rose Garden in the White House in Washington, DC on April 2, 2025, and held the “foreign trade barrier” document. (Reuters/Carlos Barrier/File Photo)
The truth is that tariffs are taxes. They do not punish foreign governments. They punish American families. Taxing imports will raise prices for everything from groceries to smartphones, washing machines and all other possible products. We saved the American people from high prices and prevented the Democratic Party from recovering into power. It's time to end the customs duties.
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