The Trump administration publicly acknowledged this weekend that U.S. consumers are bearing the brunt of tariffs, contradicting nearly a decade of claims that foreign nations paid the costs. Treasury Secretary Scott Bessent stated Sunday that while some companies like Walmart may absorb part of the costs, consumers will inevitably pay more.
The concession follows Walmart’s announcement that it would raise prices due to the tariffs. The Yale Budget Lab estimates the average household will pay over $2,300 annually due to the sweeping levies, now considered the most expansive in nearly 100 years.
Commerce Secretary Howard Lutnick dismissed such concerns just days earlier, calling them “silly arguments.” Yet inflation risks are rising as more retailers prepare to increase prices. Bessent argued cheaper gas—down roughly $0.40 per gallon from last year—offsets some pressure, but that translates to only $200 in annual savings per vehicle.
Tariff agreements with China and other nations are set to expire this summer, threatening further price hikes unless renegotiated.
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