As his self-imposed tariff deadline fast approaches, Donald Trump’s erratic trade war is continuing to skyrocket prices and put the job market on ice. While Trump golfs abroad on the taxpayers’ dime, consumers and businesses are drowning in economic uncertainty. Trump vowed to “bring prices down, starting on Day One,” but instead, he’s focused on dragging the U.S. toward an economic crisis. American consumers and small businesses can’t afford his chaotic trade policies.

Donald Trump’s erratic trade war could squeeze U.S. factories, raise manufacturing input prices by up to 4.5%, and cost average households an extra $2,400.  

Associated Press: “As President Donald Trump prepares to announce new tariff increases, the costs of his policies are starting to come into focus for a domestic manufacturing sector that depends on global supply chains, with a new analysis suggesting factory costs could increase by roughly 2% to 4.5%. …

“[T]here’s the possibility of backlash in the form of higher prices and slower growth once tariffs flow more fully through the world economy.

“A June survey by the Atlanta Federal Reserve suggested companies would on average pass half of their tariff costs onto U.S. consumers through higher prices. Labor Department data shows America lost 14,000 manufacturing jobs after Trump rolled out his April tariffs, putting a lot of pressure as to whether a rebound starts in the June employment report coming out Friday. …

“The Washington Center for Equitable Growth analysis shows how Trump’s devotion to tariffs carries potential economic and political costs for his agenda. In the swing states of Michigan and Wisconsin, more than 1 in 5 jobs are in the critical sectors of manufacturing, construction, mining and oil drilling and maintenance that have high exposures to his import taxes. …

“The latest estimate from the Budget Lab at Yale is the tariffs would cause the average household to have $2,400 less than it would otherwise have.”

U.S. companies are already raising prices for consumers — Procter & Gamble is raising prices on 25% of its products.

Associated Press: “Consumer products giant Procter & Gamble offered an annual earnings outlook that was below analysts’ projections and said it would raise prices on about a quarter of its products in the U.S. in part due to higher costs from President Donald Trump’s tariffs.

“The price increases, which will be implemented starting next month, will be in the mid-single digit percentages…

“P&G on Tuesday estimated that tariffs will increase its costs by about $1 billion before tax for fiscal 2026.”

Under Trump, consumers’ views on job opportunities reached their gloomiest level since March 2021, as Americans brace for continued trade chaos and high inflation.

The Conference Board: “[Consumers’] appraisal of current job availability weakened for the seventh consecutive month, reaching its lowest level since March 2021. Notably, 18.9% of consumers indicated that jobs were hard to get in July, up from 14.5% in January. …

“Consumers’ write-in responses showed that tariffs remained top of mind and were mostly associated with concerns that they would lead to higher prices. In addition, references to high prices and inflation rose in July…”

A majority of Americans disapprove of Trump’s handling of the economy, as they face higher prices and slower growth. 

• A majority (60%) of Americans disapprove of Trump’s handling of the economy
• Only one-quarter of U.S. adults say that Trump’s policies have helped them since he took office
• Roughly half of U.S. adults report that Trump’s agenda has “done more to hurt” them 

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