The Joint Economic Committee held a hearing titled “Trade Wars & Higher Costs: The Case Against Trump’s Tariffs.” Chaired by Rep. Don Beyer (D-VA), the session focused on President-elect Donald Trump’s proposal to impose tariffs ranging from 10% to 20% on virtually all imported goods. Witnesses warned that the tariffs would increase consumer prices, harm U.S. competitiveness, and fail to generate sufficient revenue to offset proposed tax cuts.
he same day of the hearing, December 18th, the Congressional Budget Office released a report on the effects of tariffs, noting the proposed Trump tariffs would have first-order impacts on GDP and prices, in the neighborhood of 0.5 to 1 percent, although the report notes "The United States has implemented no increases in tariffs of this size in more than 50 years, so there is little relevant empirical evidence on their effects."
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