The average household has already spent more than $3,500 extra on goods and services, largely because of Trump’s reckless tariffs and his deadly and costly war with Iran
Donald Trump’s reckless tariffs and his deadly and costly war with Iran have hiked prices on everything from gas to groceries — squeezing household budgets and fueling Americans’ outrage about the economy — yet Trump is doubling down on the exact policies driving prices through the roof. Last night, when asked what his “big message” is on the economy, Trump said, “tariffs have been incredible.”
Trump announced that he would sidestep the Supreme Court’s decision ruling his tariffs illegal and “do it in a different manner” by imposing NEW tariffs on 60 countries that will cost U.S. businesses and consumers $53–$55 billion annually. American consumers and businesses have already shouldered 96% of the burden of Trump’s initial tariffs, and if Trump’s new tariffs are upheld in court, they are projected to cost the average American household $900 this year.
Meanwhile, Trump’s war with Iran is raging on, and experts warn the global economy could grow at less than half its 2025 pace if the war does not end soon. Trump’s war with Iran has already cost taxpayers as much as $100 billion and cost consumers $150 billion, about $1,100 per household since the war started.
In response, DNC Rapid Response Director Kendall Witmer released the following statement:
“Donald Trump’s reckless tariffs and deadly and costly war with Iran have jacked up prices on everything, forcing Americans to dip further into their savings to make ends meet. Americans are feeling squeezed by Trump’s policies — unable to afford high costs or save for their futures — yet Trump and Republicans are doubling down. Instead of providing families some breathing room, Trump is standing by his policies that have hiked prices for working families and turning a blind eye to their financial concerns.”
Almost 80% of Americans rate the economy poorly and only 23% rate it as good. Seven in 10 Americans disapprove of how Trump is handling the economy, and an increasing number of Americans — including Republicans — say that Trump’s policies have made the economy worse.
U.S. economic growth slowed to 1.5% in the second quarter of the year, falling short of economists’ expectations. Meanwhile, prices overall are still up 3.7% compared to last year, and core PCE is up, meaning everyday essentials are still getting more expensive. The Personal Saving Rate is 2.7% — the lowest savings rate since June 2022 — as high prices mean Americans are unable to save.
