Back in 2022, President Joe Biden stood in front of a "Lowering Costs for Families" sign. "We're in a situation now where you should have peace of mind," he said. Remember how much more it was going to cost American families to live because of out-of-control inflation?

Well, forget all that, because according to Axios, a study from Yale's Budge Lab says that President Donald Trump's tariffs are going to cost the average U.S. household $3,800 in purchasing power. 

Axios reports:

By the numbers: The lowest income households could see their disposable income fall by as much as 5.5%, in a scenario of 20% across-the-board tariffs where other countries retaliate with levies of their own, per an analysis from the Yale Budget Lab.

For the highest-income households, that drop is just 2.1%.

…

The bottom line: Ouch.

Axios says in its X bio that it provides "Smart Brevity" worthy of people's time. We don't know as "Ouch" counting as smart brevity.

That's this editor's favorite GIF.

The chart has a disclaimer saying that "the projection assumes countries impose retaliatory tariffs." That's a big assumption, when more than 50 countries are working with the White House on the issue.