U.S. consumers and businesses have already shouldered 90% of the burden of Donald Trump’s reckless tariffs, and a new study found that the impact is far from over. Nearly half of the companies hit by Trump’s tariffs still plan to raise prices, with some expecting more price hikes six months or more in the future.
The average American household has already had to spend more than $3,100 more on goods and services under Trump, and prices continue to rise. Inflation in May rose to the highest point in years, and high prices continue to wipe out wage gains. It’s no wonder 95% of Americans believe the U.S. is suffering an affordability crisis.
In response, DNC spokesperson Jaelin O’Halloran released the following statement:
“Donald Trump’s reckless trade war has caused irreparable damage to the economy, forcing working families and small businesses to bear the brunt of rising costs. Since Trump took office, Americans have been shelling out thousands of dollars to cover higher prices in his economy — and now Americans are bracing for more price hikes they can’t afford. Trump promised to lower prices on ‘Day One.’ Instead, he spiked prices and then turned his back on working families struggling to make ends meet while his own family fortune grows.”
