NPR. This is The Indicator from Planet Money.
I'm Waylon Wong, and I am here today with NPR's economics correspondent, Scott Horsley.
Welcome back to the show, Scott.
Great to be here.
It's always a big day when you're here.
And as we've been covering, President Trump's new round of tariffs take effect today.
They are on goods from many of the United States' major trading partners.
And that means tariffs that had been set at 10% across most of the world are going to jump to 15% or 25%,
in some cases even higher.
That's going to boost the average tax on imports to the U.S. to about 7.5 times what it was last year before Trump returned to the White House.
The government is already collecting close to $30 billion a month from these tariffs,
and that number could go even higher as these new, higher tax rates take effect.
So who's paying for that?
Depends, right?
Right.
We've talked about how foreign suppliers could absorb some of the cost,
but it's U.S. importers that initially have to pay the tariff,
and then they have to decide whether to pass some or all of that expense on to their customers.
Dan Rayfield is the attorney general of Oregon.
He argues that eventually American families will get stuck with a big chunk of that $30 billion a month bill.