If your time is short

• Virtually all economists, citing years of data and analysis, characterize tariffs as tax hikes rather than tax cuts, because much of the additional cost of the tariff is passed on to consumers through higher prices.

• Several economists we interviewed said that it’s possible to argue that the added revenue to the treasury from raising tariffs could allow the government to lower taxes. However, analyses show that it’s unlikely even high tariffs could generate enough revenue to permit meaningful tax reductions for typical Americans.