 and 2019, which they call one of the largest tax increases in decades, and points out that the Biden administration has kept most of the Trump administration tariffs in place. And in May of 2024, announced tariff hikes on additional $18 billion of Chinese goods, including semiconductors and electric vehicles, for an additional tax increase of $3.6 billion. We estimate the Trump-Biden tariffs will reduce long-run GDP by 0.2%.