evidence: - Kadee Russ of the University of California at Davis in 2019 estimated, from various studies, that net losses projected for 2020 from the tariffs imposed by Trump as president would be between about $500 and $1,700 per household. [...] - A 2021 study by Alberto Cavallo of Harvard Business School and others found tariffs were only partially passed on to retail consumers, meaning companies reduced their profit margins or they spread the hit across many goods that they sell, including non-tariffed goods. In other words, the costs would still show up to consumers, just not in a way that is readily apparent. (This would be less easy for firms to do if tariffs were increased across the board.) [...] Trump’s assertion that tariffs are only a "tax on a foreign country" and "doesn’t affect our country" is, of course, ridiculous. Vance tries to muddy the waters by claiming there is a dispute among economists when, in fact, as we have shown, there is no dispute. Tariffs raise prices for consumers, at least in the short run. Vance argues that there is a "dynamic effect" that mitigates those higher prices, such as more jobs coming into the country over time. That might be open to debate — the Tax Foundation says jobs will be lost — but it’s undisputed that most Americans would end up paying more for many goods if Trump’s tariff plan was imposed.