Two economists from conservative think tanks have warned that Americans may face more economic pain.

And they pointed the finger of blame at Donald Trump’s tariff policy.

In a Wall Street Journal op-ed published Tuesday, American Enterprise Institute visiting scholar Phil Gramm and Hudson Institute senior fellow Michael Solon said Republicans are banking on voters being “pleasantly surprised by larger-than-expected tax refunds this spring thanks to new tax cuts from the One Big Beautiful Bill Act.”

Read the full editorial at The Wall Street Journal.

But they argued that windfalls from those tax cuts will be undercut by price rises due to the tariffs.

“The problem is that although the government is putting money back into taxpayers’ pockets on the one hand via tax refunds, it is taking more money out via tariff-driven price increases, leaving Americans worse off financially,” they wrote.

They also dismissed the Trump administration’s claim that foreign countries are absorbing the cost of tariffs as a “myth” and cautioned that “things will get worse in 2026” and that “this will matter in the election.”

By entering your email and clicking Sign Up, you're agreeing to let us send you customized marketing messages about us and our advertising partners. You are also agreeing to our Terms of Service and Privacy Policy.