The argument's over: Americans pay for tariffs

The Trump administration conceded this weekend what economists, CEOs and consumers already knew: Americans pay for tariffs.

Why it matters: Nearly a decade of Trump trade arguments held that foreign countries, not Americans, paid the ultimate cost of a trade war.

But the president and his economic team now acknowledge that tariffs are raising prices for everyone, from industrial ports to retail storefronts.

The big picture: Trump's sweeping global tariffs, effectively the highest in nearly a century, are expected to cost the average household more than $2,300 a year, according to the Yale Budget Lab.