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Trump further proclaims that his tariffs are wondrous because, he says, they will generate trillions of dollars in revenue for the US Treasury. But those revenues will come out of the hides of tens of millions of American consumers who will pay Trump's taxes on imports. The Yale Budget Lab estimates that the price increases caused by Trump's tariffs will cost the typical US household $2,400 in 2025. As a result of the tariffs, the budget lab says, apparel prices will soar 37% and shoe prices 39%. What Trump boasts as a win is a loss for millions of typical Americans.

Some economists are warning that Trump's tariffs will bring back stagflation, a dangerous combination of rising prices and slowing growth last seen in the 1970s. Pointing to signs of stagflation, BMO Economics wrote: "Economic activity and job growth are sputtering under the weight of higher tariffs, increasing inflation and rising economic policy and trade uncertainty." Doesn't look as if Trump's trade war is winning there.