In response to Donald Trump’s White House confirming their new $100 billion national tax, DNC Rapid Response Director Alex Floyd released the following statement: 

“Donald Trump’s White House just confirmed that he’s ready to set off his ‘inflation bomb’ and skyrocket prices with a new $100 billion national tax. It’s not even his third week in office and Trump’s lies are already costing working families – breaking his empty campaign promises to lower prices. Make no mistake: Trump’s wildly unpopular and unaffordable economic agenda will hurt consumers and tank businesses as he once again puts himself and his billionaire backers ahead of the American people.”  

NEW: Donald Trump’s White House just confirmed a $100 billion national tax, costing Americans an extra $1,000 a year and raising costs drastically on energy, cars, and groceries. 

Karoline Leavitt: “The president will be implementing tomorrow a 25% tariffs on Mexico, 25% tariffs on Canada, and a 10% tariff on China.”

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.”

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.”

Consumers, businesses, and economists have already sounded the alarm on Trump’s price hikes, warning that his unpopular economic agenda will destroy progress made under the Biden-Harris administration.

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.

“The prospect of tariffs ‘is a two-alarm fire for the auto industry,’ said Patrick Anderson, chief executive of Anderson Economic Group, a consulting firm in Michigan. ‘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, though at least one in five Americans are uncertain on each metric.

“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. 

“The top concerns about higher tariffs are that they could increase inflation and raise prices and that they are a new tax that burdens working- and middle-class families.”

Wall Street Journal: “Trump Isn’t President Yet. He’s Already Spooking the Fed.” 

“Besides tariffs, tax cuts and curbs on immigration are likely on the agenda once Trump takes office. The degree and timing of all three are very much in question, but there is almost certain to be some of each. They would also to some extent be at cross-purposes with each other, some being stimulative while others would tend to hold back growth. But all three would likely have the impact of pushing prices higher.”

REMINDER: Trump and his billionaire Cabinet want to gift tax breaks to the ultra-rich and big corporations while causing an “inflation bomb” 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.”

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”

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.”

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