Donald Trump’s tariffs will end up hurting most Americans, acting as a tax increase for nearly every income group, with a minimal impact on the top one percent of earners.

Those are the findings of an analysis by the Institute on Taxation and Economic Policy released Wednesday. The study found that if Trump’s tariffs of 10 percent on most countries, 25 percent tariffs on certain sectors for specific countries like Mexico and Canada, and 145 percent tariffs on China were still around in 2026, the poor would be hit the hardest.

Specifically, the bottom 20 percent of Americans making less than $29,000 per year would in effect have a tax increase of 6.2 percent on their yearly income. The middle 20 percent of Americans, with incomes between $55,000 and $94,000, would see the equivalent of a tax hike of 5 percent of their yearly income. But the top one percent of Americans, making more than $915,000 per year, would only see a relative tax increase of just 1.7 percent.

Even before the 2024 elections, Trump’s tariff idea was painted as a giveaway to the richest Americans, benefiting those with major assets. Small businesses are already seeing negative effects from Trump’s moves, unable to keep up with higher prices from suppliers. At one point, even the government wasn’t making any money off of the tariffs—a glitch at U.S. ports prevented their collection.

Even aside from glitches, the government’s tariff revenue is far below the billions promised by Trump. And his constant flip-flops smack of market manipulation—Trump even bragged about how much money his wealthy executive friends made when stocks jumped after he announced a pause in most of his tariffs earlier this month. The president also has his own scheme to personally cash in.

But the markets are still sliding lower each day the tariffs are in effect. Trump has backed off of his attacks on China and Federal Reserve chair Jerome Powell for now. However, until there’s some kind of deal with China and other countries that allows Trump to save face on an obviously ill-though out concept of a plan, the economy will continue to suffer as Americans are forced to live under a tax hike.

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