Peterson Institute for International Economics

Customers shop for groceries ahead of the Thanksgiving holiday at a supermarket in North Bergen, New Jersey. Photo taken on November 21, 2025.

Photo Credit: REUTERS/Mike Segar/File Photo

Trump's Thanksgiving tariff relief amounts to $35 per US household

Gary Clyde Hufbauer (PIIE) and Ye Zhang (PIIE)

Soon after Democrats won recent elections promising to address voters’ concerns about affordability, President Donald Trump removed tariffs he had imposed on hundreds of grocery items. The annual value of the tariff reductions averages to $35 per US household.

A cargo ship full of shipping containers is seen at the port of Oakland, California, U.S., August 4, 2025.

REUTERS/Carlos Barria

Photo Credit: REUTERS/Carlos Barria

RealTime Economics

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Adam Posen on the economy one year after the US election

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What's New

Trump's Thanksgiving tariff relief amounts to $35 per US household

Gary Clyde Hufbauer (PIIE) and Ye Zhang (PIIE)

November 25, 2025

The Federal Reserve building is pictured in Washington, DC on Nov. 3, 2021.

How Trump's Fight Against the Fed Could Trigger a Stagflation Slump

Jamie Rush (Bloomberg), Anna Wong (Bloomberg Economics), David Wilcox (PIIE) and Nick Hallmark (Bloomberg Economics)

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via Bloomberg

How much did US imports of different products change after Trump's tariffs?

Gary Clyde Hufbauer (PIIE) and Ye Zhang (PIIE)

November 18, 2025

A woman passes by a mural depicting the Panama Canal, in Panama City.

Is the Panama Canal doomed?

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PIIE Charts

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The US imported a larger amount of goods in the first half of 2025, but less from China and more from the EU and Mexico

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Most large, advanced economies face slower GDP growth next year, while China and India withstand tariff drag

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Erosion of Fed independence would slow US economic growth and boost inflation over time

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After Argentina's midterms: Can Milei's momentum drive economic transformation?

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December 11, 2025, 11:00 AM to 12:00 PM EST

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Trade Winds

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USMCA

Trucks wait for border customs control before crossing into the US from the Cordova-Americas border in Ciudad Juarez, Mexico.

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A customer counts his cash at the register in Flushing, New York

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Tariffs

Trump's Thanksgiving tariff relief amounts to $35 per US household

Gary Clyde Hufbauer (PIIE) and Ye Zhang (PIIE)

November 25, 2025

How much did US imports of different products change after Trump's tariffs?

Gary Clyde Hufbauer (PIIE) and Ye Zhang (PIIE)

November 18, 2025

A cheese store in Asbury Park in New Jersey stocks a wide variety of cheeses, meats, crackers, jams, honey, olives, tinned fish, and more. Photo taken on January 15, 2025.

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Argentina

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Argentine peso and US dollar bills are shown in this photo illustration. Picture taken October 17, 2022.

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A customer counts Argentine peso bills in Buenos Aires, Argentina. Picture taken on January 13, 2025.

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China

eople react during the Fourth Annual National Fentanyl Prevention and Awareness Day event in Times Square, New York City on August 21, 2025

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A general view of the US Commerce Department building, in Washington, DC. Picture taken on July 8, 2025.

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A Chinese national flag flutters at the headquarters of a commercial bank in central Beijing, China.

How China collateralizes

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September 2025