Economists and businesses continue to sound the alarm about price increases as a result of the Trump administration’s sweeping tariffs, but the White House is confident additional costs won’t be shouldered by American consumers.
“The Administration has consistently maintained that the cost of tariffs will be paid by foreign exporters who rely on access to the American economy, the world’s best and biggest consumer market,” White House spokesperson Kush Desai said in a statement.
Imports to the United States are currently being subject to historically high tariffs, according to The Budget Lab at Yale, with the overall average effective tariff rate the highest it’s been since 1933.