Trump's proposed tariffs could cost Americans $500 billion annually, a think tank estimated.
The cost of tariffs is often passed onto consumers as producers raise prices.
A 10% tariff on imports could cost households an extra $1,500 a year, researchers say.
Researchers at the Peterson Institute warned Trump's planned taxes on imports could end up being a huge burden on working-class Americans.
That's about five times the cost of Trump's tariffs in 2018, when he imposed taxes on imports of steel, aluminum, and other goods.
Persons:
Trump's, —, Donald Trump
Organizations:
Service, Washington DC, Peterson Institute, Business