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%|
View the underlying data on epi.org.
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.