Economists warn that impending tariffs could further strain low-income families already hit hard by inflation.

Low-income Americans are struggling with high inflation and interest rates, with nearly 30% of households spending over 95% of their income on necessities. Prices rose 22.2% from January 2020 to November this year. If President-elect Trump imposes tariffs on goods from Canada, Mexico, and China, prices could increase by 0.75%, reducing annual purchasing power by about $1,200 per household, heavily impacting low-income families. Economists warn that households lack the savings and support from pandemic-era programs they once had.

3 months ago
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