In response to Donald Trump tapping Peter Navarro to be his senior counselor for trade and manufacturing, DNC Rapid Response Director Alex Floyd released the following statement: 

“Peter Navarro literally wrote the Project 2025 chapter on Donald Trump’s dangerous and costly plans to skyrocket prices with new national taxes that would devastate working families. Now, Trump is rewarding another Project 2025 author with a spot in his administration to help him enact his reckless and expensive agenda that would give away billions to the ultra-wealthy while jacking up costs for the rest of us.”

NEW: Donald Trump picked Project 2025 author and January 6 defender Peter Navarro to implement his expensive and reckless Project 2025 cost hike agenda. 

CNBC: “Trump picks Peter Navarro as top trade advisor”

WSJ: “Donald Trump has chosen Peter Navarro as a senior adviser on trade and manufacturing, installing a pugnacious proponent of the president-elect’s pledge to impose sweeping tariffs on U.S. imports in an influential White House role. …

“The move to bring on Navarro signals that Trump is determined to follow-through on his sweeping campaign-trail tariff proposals. It comes after Trump decided not to give Robert Lighthizer, his first-term U.S. trade representative, a senior role in his incoming administration. Lighthizer is widely seen as a key architect of Trump’s trade agenda, and his absence had raised concerns among some of the president-elect’s protectionist allies.”

Project 2025: “The Case for Fair Trade [by] Peter Navarro”

NBC News: “Navarro, who was closely involved in Trump’s attempts to overturn his 2020 presidential election loss in the lead-up to the Jan. 6, 2021, attack on the U.S. Capitol, was convicted of contempt of Congress for refusing to comply with a subpoena from the House committee investigating Jan. 6.”

CNN: “Navarro was sentenced to four months in prison for his refusal to comply with a subpoena from the House Select Committee that investigated the January 6, 2021, US Capitol attack.”

REMINDER: Trump’s $100 billion national tax would cost Americans an extra $1,000 a year and raise costs drastically on energy, cars, and groceries. 

Ernie Tedeschi, The Budget Lab: “A broad 25% tariff on all goods imports from Canada and Mexico would, before substitution & other 2nd stage effects, put upward pressure on the level of consumer prices of +0.6%. That’s the equivalent of an average loss in after-tax income of about $980 per household in 2023.”

Ernie Tedeschi, The Budget Lab: “Adding in an additional 10% tariff on Chinese goods imports, the price level pressure rises to 0.75%, which is the equivalent of -$1,180 per household in average 2023 after-tax income.”

Bloomberg: “A 25% tariff applied to all imports from Canada would put pressure on energy costs. Oil, gas and other energy products are Canada’s largest export to its southern neighbor; it’s by far the largest external supplier of crude to the US.” 

Wall Street Journal: “A 25% Trump tariff on Canadian oil and gas could lead to lower production, in turn pushing up U.S. energy prices, warned an industry group. Canada, the world’s fourth-largest oil producer, sends almost all of its exports to the U.S. The prospect of tariffs has alarmed Canadian oil companies. …

“Canada’s auto sector is also concerned. The industry is closely tied to the U.S., with auto parts moving back and forth over the border as many as seven times before final assembly.

“One industry representative said the tariff would push up car prices, an outcome Trump would likely want to avoid.”

Kyle Meng, Associate Professor of Economics at UCSB: “Lots of takes on new Trump tariffs. Here’s a quick general equilibrium analysis. Grabbed off-the-self quantitative trade model calibrated to ’22 global trade flows. Fed in 25% MEX, 25% CAN, and 10% PRC tariffs across sectors. What happens to U.S. consumer prices? … Model solves for new U.S. consumer prices for all products. Here are products with US price increases >2%, up to 13%. Lots of industrial inputs & food products, unsurprisingly given CAN/MEX/PRC imports.”

Trump’s extreme, unpopular, and unaffordable Project 2025 agenda would turbocharge inflation, hike prices, and “dramatically worsen Social Security’s finances”

Associated Press: “Trump’s economic plans would worsen inflation, experts say”

Newsweek: “Nobel Prize Winner Explains How Trump Could Cause ‘Economic Chaos’”

Washington Post: “Companies ready price hikes to offset Trump’s global tariff plans”

Committee for a Responsible Federal Budget: “We find President Trump’s campaign proposals would dramatically worsen Social Security’s finances.”

If they have their way, Trump and JD Vance would once again gift tax breaks to the ultra-rich and big corporations while causing an “inflation bomb.”

Axios: “16 Nobel economists see a Trump inflation bomb”

“Sixteen Nobel prize-winning economists are jumping into the presidential campaign with a stark warning: Former President Trump’s plans would reignite inflation and cause lasting harm to the global economy if he wins in November.”

Axios: “Trump’s inflation bomb: How his second-term plans could make it worse”

CNBC: “Trump budget would spike deficits by nearly 5 times Harris proposal, says Penn Wharton”

The Atlantic: “Trump’s Plan to Supercharge Inflation”

Wall Street Journal: “A drumbeat of reports from Wall Street economists have warned that Trump’s plans could substantially slow economic growth while driving up consumer prices.”

Washington Post: “Trump and his advisers have discussed deeper cuts to both individual and corporate tax rates that would build on his controversial 2017 tax law … Further cutting corporate taxes … would primarily benefit large firms.”

Center for American Progress: “Project 2025’s Tax Plan Would Raise Taxes on the Middle Class and Cut Taxes for the Wealthy”

CBS News: “Millions of low- and middle-class households would likely face significantly higher taxes under the Project 2025’s proposals.”