REALITY CHECK: Prices Are Rising and Working Families Are Paying More — Despite Admin Officials Delusionally Claiming Otherwise
July 23, 2025
In response to Scott Bessent’s out-of-touch comments dismissing the cost of Donald Trump’s chaotic trade war, DNC Chair Ken Martin released the following statement:
“Donald Trump promised to lower prices on Day One, yet over six months into his presidency, prices continue to skyrocket. Families are struggling to make ends meet, and parents are taking on debt to afford important necessities like school supplies, yet Trump’s only plan is to double down on his reckless and chaotic trade war. It doesn’t matter how many times Bessent — or any of the Trump administration’s wildly out-of-touch clowns — go on TV and claim prices aren’t rising, Americans are still feeling it every time they walk into a store.”
WATCH: Scott Bessent is trying to gaslight the American people, falsely claiming that Donald Trump’s trade war isn’t raising prices on working families.
Reporter: “Are you confident that, even as no new tariffs go into place on August 1— on August 12th, that there will not be an effect that Americans are going to see when they go and buy a car, or Christmas goods, or toys, or dolls, or anything else?”
Scott Bessent: “Well I- I- I think what we’ve seen so far is that the manufacturers have been eating it at the– a lot of– or the exporters have been taking a lot of the price — or the tariff adjustment. I think we’re also seeing a lot of the retailers do it. A lot of the retailers’ margins got very fat during COVID, so I think some of them are absorbing it. I was with the Amazon CEO last week, and he said, thus far, they’re not seeing any price increases. And, thus far, we’ve seen very good inflation numbers this year.”
FACT CHECK: Amazon prices for essential goods are rising while other companies move to raise prices to keep up with Trump’s tariffs.
Wall Street Journal: “After Pledging to Keep Prices Low, Amazon Hiked Them on Hundreds of Essentials”
“In the five months since President Trump first announced sweeping tariffs, Amazon quietly raised prices on low-cost products such as deodorant, protein shakes and pet care items, a Wall Street Journal analysis of nearly 2,500 items found. …
“Amazon’s price rose on 1,200 of its cheapest household goods”
USA Today: “[I]n the three weeks since Trump’s announced additional tariffs on what he dubbed Liberation Day (April 2), Amazon prices have risen 4.2% higher on 50 products, according to a sample conducted by equity research firm MoffettNathanson Research.”
Axios: “Some 57% of companies were already experiencing a tariff-driven decline in gross margins as of May, per the KPMG Tariff Pulse Survey. …
“77% of respondents said their companies are considering price increases of at least 5% in the next six months.”
FACT CHECK: Trump’s tariffs are also driving up the price of back-to-school supplies, “straining” families’ budgets, and forcing parents to take on debt to cover the cost of school supplies.
CNBC: “Trump tariffs, inflation have some parents worried about back-to-school shopping costs”
“With inflation picking up, and President Donald Trump’s new tariff rates threatening to drive prices even higher, some parents are worried about making ends meet.
“Roughly 20% of back-to-school shoppers said buying supplies for the new year is straining their budgets, according to a new report by Bankrate, which polled more than 2,600 adults in June.
“A separate report, by Intuit Credit Karma, found that 39% of parents said they can’t afford back-to-school shopping this year. Meanwhile, 44% said they plan to take on debt to cover the cost of school supplies, up from 34% in 2024.”
FACT CHECK: Inflation continues to skyrocket under Trump’s unaffordable agenda.
ABC News: “Inflation surged in June amid tariffs as Trump declared ‘inflation is dead’”
Bloomberg: “The latest report on US inflation was the clearest sign yet that tariffs are starting to boost costs of commonly imported consumer goods…”
POLLING: Americans overwhelmingly agree prices are rising — and that Trump isn’t doing enough to lower them.