TCT-ECO-007 · Taxes & trade
Tariffs would not mean higher prices for Americans
Statement and context
“They aren’t gonna have higher prices…who’s going to have higher prices is China.”
September 10, 2024, presidential debate, Philadelphia.
What the evidence shows
USITC’s retrospective analysis found tariffs increased U.S. prices in directly affected industries. Its estimates include higher U.S. steel and aluminum prices and near-full pass-through to importers. The size and distribution of retail effects vary, but a categorical claim of no higher U.S. prices conflicts with observed first-term effects.
False. Official retrospective evidence shows higher domestic prices in affected sectors.
Sources and attribution
Tracker research synthesis; inspect the linked evidence and research record.