Data Doesn’t Lie: Tariffs Increased Prices

Published

October 1, 2026

Author

Richard Stern

Topline

Despite what some pundits may be saying, the “Liberation Day” tariffs increased prices for durable consumer goods, raised costs for U.S. manufacturers and reduced job opportunities for American workers.

⤓ Download PDF

Author: Richard Stern, Vice President of the Plymouth Institute

Plymouth Institute for Free Enterprise

TOPLINE: Despite what some pundits may be saying, the “Liberation Day” tariffs increased prices for durable consumer goods, raised costs for U.S. manufacturers and reduced job opportunities for American workers.

Thanks to the Tariffs, Families Pay More for the Goods They Need

Durable Goods Price Surge: Before Liberation Day, durable consumer goods prices were falling at an annualized rate of 1.1%.
TODAY: These same prices are growing at an annualized rate of 2.6%, burdening American families with higher prices.
Fewer Job Opportunities: The Liberation Day tariffs suppressed job growth and cost over 900,000 American jobs.
American Families Pay the Bill: The 2026 tariffs will cost roughly $820 per American household.

Figure 1: Durable goods prices went from falling 1.1 percent to rising 2.6 percent after the Liberation Day tariffs — Figure 1

Tariffs Tax Inputs to American Factories

Most Imports are Inputs: More than half of goods imports are industrial supplies and capital goods, the items used to produce more goods and services.
Even American Aluminum Costs More: The Midwest premium, what American companies pay for aluminum in excess of the global price, more than doubled,

BOTTOMLINE: Tariffs tax factories on what they build with and families on what they buy. There is no doubt, “Liberation Day” tariffs have raised prices for Americans.