Here’s the scoop: President Donald Trump’s tariffs are hitting the wallet harder for some than others. While everyone’s feeling the pinch, lower-income families are taking the biggest hit.

Think about it—when prices rise, essentials like groceries and gas get more expensive. And these are the very things that lower-income households spend a bigger chunk of their budget on. Add to that years of rising living costs, dwindling savings, and increasing debt, and you’ve got a recipe for financial strain.

Experts point out that Trump’s tariffs on major trading partners like China, Mexico, and Canada are expected to cost the average household around $1,200 a year. For families living paycheck to paycheck, that’s a massive blow. In fact, the lowest 20% of earners could lose 2.7% of their income, while the top 1% would only see a 0.6% dip.

Why the disparity? Lower-income families tend to spend more on goods directly affected by tariffs, like food and furniture, while wealthier households allocate more to things like education and services, which aren’t as impacted.

But the ripple effects don’t stop there. Higher tariffs could lead to inflation, delaying potential interest rate cuts from the Federal Reserve. That means credit card bills, car loans, and other debts could stay pricey for longer, adding even more pressure.

The stakes are high for the broader economy, too. With savings shrinking and debt climbing, consumer spending—a key driver of economic growth—is already showing signs of weakening.

So, what’s the takeaway? While tariffs aim to protect U.S. industries, they’re also making life harder for those who can least afford it. For many families, every dollar counts, and these new costs are adding up fast.