Donald Trump has touted his tariffs as making foreign nations and manufacturers pay billions. The fact is that tariffs are and were paid by the importer of the goods, the eventual U.S. consumer.

According to the Tax Foundation, “his proposed tariff increases would hike taxes by another $524 billion annually and shrink GDP by at least 0.8 percent, the capital stock by 0.7 percent, and employment by 684,000 full-time equivalent jobs.”

“A worldwide 10 percent tariff and a 60 percent tariff on Chinese goods proposed by Republican presidential candidate Donald Trump would lower average after-tax incomes of US households in 2025 by about $1,800, or 1.8 percent, according to a new analysis by the Tax Policy Center.”

The Peterson Institute for International Economics calculated that Trump’s “tariff proposals would cost the typical American household over $2,600 a year.”

Trump claims that his income tax cuts benefitted the average family, and they did slightly, but not so much as the very well-off. While the top 1% of households received on average a $61,000 tax cut, the top 0.1% each got $252,000, the bottom 60% of families benefitted by less than $1.25 per day.

And his new proposals will repeat the same pattern, where households with incomes in the top 1 percent will receive an average tax cut of more than $60,000 in 2025, compared to an average tax cut of less than $500 for households in the bottom 60 percent, according to the Tax Policy Center.

So, if you put the figures together, Trump’s proposals will give average families a tax reduction of $500-600 and cost them between $1,800 and $2,600 in the higher price of goods, and, of course, the well-off will pay a lot less in taxes, $60,000 to $250,000 less.

All that doesn’t take into account that, since the government is already running massive deficits, those millionaire tax cuts will also lead to increased inflationary pressures, which will erode the purchasing power of all Americans, except the top one percent, whose tax cut savings will outweigh the inflationary costs.