Conversation around tariffs has surged after the U.S. Supreme Court recently struck down the broad global tariffs that President Trump had imposed under emergency powers, ruling they were unconstitutional because only Congress can levy taxes like tariffs.

Tariffs have had a particularly noticeable effect on Americans’ perceptions of the cost of food. The CFR-Morning Consult survey asked Americans how concerned they are about affording a range of everyday expenses. Across the board, a majority of Americans are concerned about their ability to afford day-to-day items.

The three-month average goods deficit in Q4 of 2025 was $80.5 billion, down 27 percent from $109.6 billion in the fourth quarter of 2024 — a decline of $29.1 billion. Moreover, the combined goods and services deficit fell even more dramatically, dropping 40 percent from $83.6 billion to $50.7 billion.

The most extreme prognostications about the increase in car prices due to tariffs–tarifs that the U.S. Supreme Court recently deemed at least partially unconstitutional–haven’t yet materialized. This is partially because there were numerous carveouts given to automakers,