An analysis by the nonpartisan Peterson Institute for International Economics estimates Trump’s proposed tariffs would cost a typical U.S. household more than $2,600 a year. “High tariffs also imply a massive shifting of the tax burden from richer taxpayers toward lower-income Americans,” the report said.

President-elect Donald Trump claims he can unilaterally impose sweeping tariffs on U.S. imports. The reality is more complicated, according to trade experts.

It’s unlikely that tariffs can raise a meaningful amount of revenues that somehow shrink the federal deficit — that would have to come from spending cuts. Are tariffs a solution or a risky gambit? The new trade tariffs likely under “Trump 2.