Trump’s Tariffs: JPMorgan Says They Mark Biggest U.S. Tax Increase Since 1968

JPMorgan has labeled former President Donald Trump’s tariffs as the largest tax increase in U.S. history since 1968, highlighting their widespread economic impact on American consumers and businesses. While initially intended to stimulate domestic manufacturing and reduce trade deficits, JPMorgan argues that these tariffs ultimately burden American households through indirect taxation mechanisms.