New analysis from Goldman Sachs shows that American consumers — not corporations or foreign countries — will shoulder more than half of the cost of Donald Trump’s reckless tariffs. That number could rise even more with additional tariffs set to take effect. Trump and his Treasury Secretary Scott Bessent claim that Americans are not footing the bill for Trump’s tariffs, but the reality is that working families, farmers, and small businesses are bearing the brunt of Trump’s tariffs, while he and his billionaire friends get richer and richer. 

In response, DNC Rapid Response Director Kendall Witmer released the following statement: 

“Working families are footing the bill for Donald Trump’s trade war. Let’s be clear: Trump’s billionaire buddies are profiting off his trade war while they pass on costs to consumers, who are already struggling under the weight of his failed economy. Trump’s reckless tariffs are needlessly spiking inflation and driving up prices on everything from groceries to housing to utilities. Trump could reverse his reckless economic policies today — but he won’t, because he’d rather satisfy his own ego.” 

Trump said that “tariffs are going to make us rich as hell” and bragged that “inflation has been defeated” — but consumer prices have increased every single month since Trump’s so-called “Liberation Day” — and they are only expected to increase faster as Trump imposes even more tariffs. Last week, he threatened a new 100% tariff on Chinese imports, and just today, new tariffs on home furniture and lumber took effect, which will make housing even more expensive. 

According to some estimates, consumers will be forced to shoulder as much as 70% of tariff costs. Small businesses are also being hit hard. A new survey released today shows small business optimism declining largely due to “inflationary pressures, slower sales expectations, and ongoing labor market challenges.” Trump could put an end to his devastating trade war — but instead, he’s putting working families on the chopping block.