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Heres a look at why tariffscould hit the American working class the hardest.
He also believes the tariffs are destabilizing the American economy, which hasfinancially harmed the working class.
Continued tariff uncertainties and supply chain disruptions are now threatening to plunge the United States into a recession.
Lower-income households are estimated to lose between $2,100 and $2,700 per year on average.
Thats because tariffs are likely to significantlyincrease the cost of essential items.
Most other models suggest similar price increases on clothing.
Working-class households will absorb the brunt of these price increases because they affect everyday necessities such as clothing.
If GDP contracts, a combination of hiring freezes and layoffs could impose strains on the employment market.
Magness believes we are already seeing signs of economic slowdown and the chilling effects this could have.
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