{"id":1050975,"date":"2025-01-28T13:45:27","date_gmt":"2025-01-28T18:45:27","guid":{"rendered":"https:\/\/democrats.org\/?p=1050975"},"modified":"2025-01-28T13:45:28","modified_gmt":"2025-01-28T18:45:28","slug":"new-economists-analysts-and-industry-experts-warn-trumps-national-tax-will-raise-costs-on-hardworking-americans","status":"publish","type":"post","link":"https:\/\/democrats.org\/news\/new-economists-analysts-and-industry-experts-warn-trumps-national-tax-will-raise-costs-on-hardworking-americans\/","title":{"rendered":"NEW: Economists, Analysts, and Industry Experts Warn Trump\u2019s National Tax Will Raise Costs on Hardworking Americans"},"content":{"rendered":"\n
\"\"<\/figure>\n\n\n\n

Donald Trump spent his entire campaign lying about his plans to lower costs, but basic household items are already getting more expensive a week into his presidency and economists are warning that his reckless agenda would mean \u201chigher prices for everyday Americans\u201d<\/a> on everything from groceries to electronics. The American people deserve leaders who are looking out for them and focused on bringing down costs \u2013 but Trump and his billionaire Cabinet are only focused on their own bottom line.<\/p>\n\n\n\n

Here\u2019s a look at how Trump\u2019s national tax will raise costs on the American people:<\/em><\/p>\n\n\n\n

Reuters<\/a>: \u201cPresident Donald Trump\u2019s vow of tariffs on U.S. copper and aluminium imports would result in higher costs for local consumers <\/strong>because of a shortfall of domestic production and the length of time it would take to renew the industry, analysts and industry participants said<\/strong> on Tuesday. \u2026<\/p>\n\n\n\n

\u201cAluminium producers in Canada such as Rio Tinto (RIO.AX), opens new tab and Alcoa (AA.N), opens new tab would be unlikely to take revenue hits, instead the costs would likely be rolled to automakers who would then pass them to U.S. consumers<\/strong>, he added. Rio Tinto declined to comment. \u2026<\/p>\n\n\n\n

\u201cHe estimated that a 25% tariff <\/strong>on current Canadian export volumes to the U.S. could represent $1.5 billion to $2 billion of additional annual costs for U.S. customers.<\/strong>\u201d<\/p>\n\n\n\n

Washington Post<\/a>: \u201cPresident Donald Trump has threatened to impose increased tariffs <\/strong>on products from Mexico, Canada and China as soon as Saturday \u2014 a move that could significantly increase prices on goods from three of America\u2019s most important trading partners.<\/strong> \u2026<\/p>\n\n\n\n

\u201cThe result, economists say, would be higher prices for everyday Americans. \u2026<\/strong><\/p>\n\n\n\n

\u201cThat means electronics like cellphones, apparel like cotton shirts or shoes and children\u2019s toys could be subject to higher tariffs<\/strong> than they are now.<\/p>\n\n\n\n

\u201cIndustry groups have warned these taxes could increase prices.<\/strong> The Consumer Technology Association, modeling an earlier tariff proposal from Trump, said that smartphones could cost about $213 more.<\/strong>\u201d<\/p>\n\n\n\n

CNN<\/a>: \u201cTrump said he\u2019d bring prices down on Day One. That hasn\u2019t happened\u201d <\/strong><\/p>\n\n\n\n

\u201cDay One has turned into Day Seven, and those eggs are getting even more expensive. \u2026<\/strong><\/p>\n\n\n\n

\u201cIn fact, the lawmakers added, Trump appears to be \u2018backtracking\u2019 on those promises<\/strong>, conceding in recent weeks that it\u2019s \u2018hard to bring things down.\u2019 \u2026<\/p>\n\n\n\n

\u201cTrump\u2019s frequent price-dropping pledges have long been countered by economists<\/strong> who have noted that broad-based price declines not only would be outright dangerous for an economy by creating a deflationary \u2018doom loop,\u2019 but, also, that they\u2019d be improbable to achieve.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Donald Trump spent his entire campaign lying about his plans to lower costs, but basic household items are already getting more expensive a week into his presidency and economists are warning that his reckless agenda would mean \u201chigher prices for everyday Americans\u201d on everything from groceries to electronics. The American people deserve leaders who are […]<\/p>\n","protected":false},"author":292,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1050975","post","type-post","status-publish","format-standard","hentry","category-press-release"],"acf":[],"yoast_head":"\nNEW: Economists, Analysts, and Industry Experts Warn Trump\u2019s National Tax Will Raise Costs on Hardworking Americans - Democrats<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/democrats.org\/news\/new-economists-analysts-and-industry-experts-warn-trumps-national-tax-will-raise-costs-on-hardworking-americans\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:site_name\" content=\"Democrats\" \/>\n<meta property=\"article:published_time\" content=\"2025-01-28T18:45:27+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-01-28T18:45:28+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/democrats.org\/wp-content\/uploads\/2025\/01\/Black-Logo-White-Fill-For-Email.png?w=1024\" \/>\n<meta name=\"author\" content=\"Adrianna Tomasello\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Adrianna Tomasello\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/democrats.org\/news\/new-economists-analysts-and-industry-experts-warn-trumps-national-tax-will-raise-costs-on-hardworking-americans\/\",\"url\":\"https:\/\/democrats.org\/news\/new-economists-analysts-and-industry-experts-warn-trumps-national-tax-will-raise-costs-on-hardworking-americans\/\",\"name\":\"NEW: Economists, Analysts, and Industry Experts Warn Trump\u2019s National Tax Will Raise Costs on Hardworking Americans - 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