Trump’s Newly Announced Tariffs Will Raise Costs for Everyday Americans to Bankroll Massive Tax Breaks for Billionaires
Washington, D.C. — Today, President Trump announced that he is imposing what could be the largest tax hike on working- and middle-class Americans in history in the form of tariffs as part of his and congressional Republicans’ plot to fund another massive tax break for millionaires and billionaires. These tariffs threaten to push the U.S. economy into recession, raise costs on a wide range of essential goods for everyday Americans and small businesses, and make it even harder for working families nationwide to get by.
The bottom line is that these tariffs are the Republicans’ pro-billionaire agenda in action – raise costs for everyday Americans to give the ultra-wealthy another handout.
“There is no other way to say it – this is an out-of-touch policy designed by a billionaire and for billionaires,” said Unrig Our Economy spokesperson Kobie Christian. “Virtually no one will benefit from these Republican-backed tariffs – except for the ultra-wealthy who will get yet another tax break, paid for by working families. Small business owners will be forced to raise their prices to keep their businesses afloat, and Americans will have to pay even more for everyday goods. These tariffs could even push the economy into a recession. American workers need lower costs, not more tariffs and billionaire handouts.”
Here’s Who Will Be Hit Hardest By President Trump’s Tariffs:
👷 Working- and Middle-Class Americans
- Why? Higher prices on food, gas, clothing, electronics, home goods, and more as import costs rise.
- Key Impacts:
- Groceries and household essentials will cost more.
- Gas prices will increase, making transportation more expensive.
- Home prices will rise as construction materials become more expensive.
🌽 Farmers & Agricultural Workers
- Why? Higher fertilizer costs, and retaliatory tariffs that will reduce demand for U.S. farm exports.
- Key Impacts:
- Soybeans, dairy, and meat products may face declining exports.
- Higher costs for farming equipment, fertilizers, and feed.
- Small farms may struggle to survive, leading to farm closures.
🛍️ Small Businesses & Retailers
- Why? Higher import costs on inventory make goods more expensive for customers, reducing sales.
- Key Impacts:
- Increased prices on clothing, electronics, appliances, and other supplies.
- Potential store closures and layoffs in retail.
- Difficulty competing with large corporations that more easily can absorb higher input costs.
🚗 Car Owners, Buyers, and Auto Workers
- Why? Tariffs on steel, aluminum, cars, and auto parts will drive up the cost of vehicles and manufacturing.
- Key Impacts:
- Cars will become more expensive, reducing demand.
- Auto manufacturing jobs may be at risk as companies cut costs.
- Mechanics and repair shops may see higher prices for imported parts.
🏠 Homebuyers and Renters
- Why? Tariffs on steel, aluminum, and lumber make new homes, renovations, and repairs more expensive.
- Key Impacts:
- Higher costs for builders may mean more expensive homes.
- Rents could increase as landlords pass costs onto tenants.
- Job losses in construction due to project delays or cancellations.
To learn more about the campaign, visit UnrigOurEconomy.com or contact press@unrigoureconomy.com
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About Unrig Our Economy
Unrig Our Economy is a national campaign to fix the rules of our economy to make it work for working people. We know that when the middle class does well, all of us do well — which is why we’re fighting on behalf of working Americans and holding corporations, their wealthy executives, and the politicians who enable them accountable.