Trump’s blanket tariff plan could cost families more than $1,000 a year

With Donald Trump signing blanket tariffs that will ensure American families – not corporations – pay higher prices, DNC Chair Ken Martin released the following statement: 

“Here’s the thing about Donald Trump’s erratic tariff policy: Trump isn’t going to make corporate billionaires pay for these tariffs – working families and small businesses will. He’s using American workers as pawns in his petty political games. If a president promised that they’d help my family get by, and then they did this, I’d be pretty pissed off. So, you should be pissed off.”

NEW: Donald Trump’s White House just enacted tariffs that will 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.”

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

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

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

New York Times: “President-elect Donald J. Trump’s threat to impose 25 percent tariffs on goods from Mexico and Canada sent shivers on Tuesday through the auto industry, which depends heavily on both countries for parts and manufacturing. […] “There is probably not a single assembly plant in Michigan, Ohio, Illinois and Texas that would not immediately be affected by a 25 percent tariff.’”

Navigator: “A plurality of Americans view tariffs unfavorably and oppose Trump’s tariff plan… […] “More than three in five say new tariffs would increase the costs of things that they buy. A greater share also say new tariffs will hurt U.S. consumers more than foreign countries.”  

REMINDER: Trump and his billionaire Cabinet want to gift tax breaks to the ultra-rich and big corporations while leaving working families holding the bag as part of their Project 2025 agenda.

US News: “The total net worth of the billionaires in the Trump administration, as of Dec. 10 equals at least $382.2 billion – which is more than the GDP of 172 different countries.”

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

Trump’s failed economic record includes offshoring jobs and shuttering factories – and his billionaire pick for Commerce Secretary screwed over American workers by helping companies ship manufacturing jobs to Mexico. 

Washington Post: “On the campaign trail with Donald Trump, Howard Lutnick railed against policies that encouraged factories and jobs to move to Mexico. But at the same time, the president’s eventual nominee for commerce secretary runs a commercial real estate firm that has been pitching the virtues of Mexican manufacturing to American companies. …

“He is executive chairman of Newmark Group, a publicly traded commercial real estate firm, which has touted multiple industrial sites for sale and rent in Mexico, sometimes pitching them as a way for companies to avoid Chinese tariffs and tap into cheap labor.”

Bloomberg: “The Offshoring of U.S. Jobs Increased on Trump’s Watch”

Washington Post: “Trump promised ‘America First’ would keep jobs here. But the tax plan might push them overseas.”

Bureau of Labor Statistics: “When Trump left office, there were over 170,000 fewer manufacturing jobs than when he started.”

CNN: “Trump told GM workers he could save their plant, but it’s gone for good”