{"id":142456,"date":"2025-09-14T03:26:11","date_gmt":"2025-09-14T03:26:11","guid":{"rendered":"https:\/\/www.newsbeep.com\/ca\/142456\/"},"modified":"2025-09-14T03:26:11","modified_gmt":"2025-09-14T03:26:11","slug":"tariffs-may-drive-hundreds-of-thousands-into-poverty-economists-warn","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/ca\/142456\/","title":{"rendered":"Tariffs may drive hundreds of thousands into poverty, economists warn"},"content":{"rendered":"

The latest measure of consumer inflation shows prices are rising, and according to a Yale University analysis, increased costs from tariffs implemented by President Donald Trump could push thousands of Americans into poverty.<\/p>\n

The Yale Budget Lab<\/a> estimates that new 2025 tariffs could increase the number of Americans living in poverty by 650,000 to 875,000, depending on the method used to measure poverty.<\/p>\n

The analysis assumes that incomes from jobs will remain steady despite higher tariffs. It also accounts for government programs, such as Social Security, that adjust payments based on inflation.<\/p>\n

Yale economists say the current U.S. tariff rate is 17.4%, the highest since 1935. The report projects that the average U.S. household will lose about $2,300 a year because of tariffs.<\/p>\n

Tariffs are taxes charged to companies importing products into the United States. The rate varies depending on the country of origin and the type of product.<\/p>\n

While some companies tried to absorb the cost of tariffs early in Trump\u2019s presidency, more now say those costs will ultimately be passed on to consumers.<\/p>\n

Trump says the tariffs are intended to revive U.S. manufacturing jobs and reduce the nation\u2019s trade deficit with other countries.<\/p>\n

According to new data released on Thursday, the consumer price index increased to at 2.9% in the 12-month period ending in July. It was at 2.7% for the 12-month period ending in June and July. The inflation rate is 0.5 percentage points higher than May’s rate of 2.4%, and 0.6 percentage points higher than April’s consumer price index, which marked the lowest year-over-year inflation rate since 2021.<\/p>\n

The consumer price index weighs the costs of goods based on their importance; items like food, shelter, and energy tend to be weighted more heavily.<\/p>\n","protected":false},"excerpt":{"rendered":"The latest measure of consumer inflation shows prices are rising, and according to a Yale University analysis, increased…\n","protected":false},"author":2,"featured_media":142457,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[45,49,48,46],"class_list":["post-142456","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-business","tag-ca","tag-canada","tag-economy"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/142456","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/comments?post=142456"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/142456\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/142457"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=142456"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=142456"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=142456"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}