Economic Impacts of Budget Law and Tariffs

The Trump Administration's economic policy has two main components: (1) the budget law (Public Law 119-21) that Congress passed and President Trump signed into law on July 4, 2025, and (2) the new tariffs that the Trump Administration has imposed on U.S. trading partners. This policy affects nearly all Americans.

To assess its impact, Co-Equal has developed estimates for each congressional district of the number of families impacted and the magnitude of the impact. In the average congressional district:

• 99% of families will lose money because of the tariffs and the budget law.

• On average, these families will lose nearly $2,000 annually.

While the vast majority of families across the nation will be worse off economically, wealthy households making over $1 million annually will receive over $130 billion in new tax breaks between 2027 and 2033.