{"id":1056534,"date":"2025-10-14T16:12:31","date_gmt":"2025-10-14T20:12:31","guid":{"rendered":"https:\/\/democrats.org\/?p=1056534"},"modified":"2025-10-14T16:12:32","modified_gmt":"2025-10-14T20:12:32","slug":"new-report-consumers-will-foot-more-than-half-of-the-costs-of-trumps-tariffs","status":"publish","type":"post","link":"https:\/\/democrats.org\/news\/new-report-consumers-will-foot-more-than-half-of-the-costs-of-trumps-tariffs\/","title":{"rendered":"NEW REPORT: Consumers Will Foot More Than Half of the Costs of Trump\u2019s Tariffs"},"content":{"rendered":"\n
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New analysis from Goldman Sachs shows<\/a> that American consumers \u2014 not corporations or foreign countries \u2014 will shoulder more than half of the cost of Donald Trump\u2019s reckless tariffs. That number could rise<\/a> even more with additional tariffs set to take effect. Trump and his Treasury Secretary Scott Bessent claim<\/a> that Americans are not footing the bill for Trump\u2019s tariffs, but the reality is that working families, farmers, and small businesses are bearing the brunt of Trump\u2019s tariffs, while he and his billionaire friends get richer and richer. <\/p>\n\n\n\n

In response, DNC Rapid Response Director Kendall Witmer released the following statement: <\/em><\/strong><\/p>\n\n\n\n

\u201cWorking families are footing the bill for Donald Trump\u2019s trade war. Let\u2019s be clear: Trump\u2019s billionaire buddies are profiting off his trade war while they pass on costs to consumers, who are already struggling under the weight of his failed economy. Trump\u2019s reckless tariffs are needlessly spiking inflation and driving up prices on everything from groceries<\/a> to housing<\/a> to utilities<\/a>. Trump could reverse his reckless economic policies today \u2014 but he won\u2019t, because he\u2019d rather satisfy his own ego.\u201d <\/p>\n\n\n\n

Trump said<\/a> that \u201ctariffs are going to make us rich as hell\u201d and bragged<\/a> that \u201cinflation has been defeated\u201d \u2014 but consumer prices have increased<\/a> every single month since Trump\u2019s so-called \u201cLiberation Day\u201d \u2014 and they are only expected to increase faster as Trump imposes even more tariffs. Last week, he threatened<\/a> a new 100% tariff on Chinese imports, and just today, new tariffs on home furniture and lumber took effect<\/a>, which will make housing even more expensive.\u00a0<\/p>\n\n\n\n

According to some estimates, consumers will be forced to shoulder<\/a> as much as 70% of tariff costs. Small businesses are also being hit hard. A new survey released today shows<\/a> small business optimism declining largely due to \u201cinflationary pressures, slower sales expectations, and ongoing labor market challenges.\u201d Trump could put an end to his devastating trade war \u2014 but instead, he\u2019s putting working families on the chopping block.<\/p>\n","protected":false},"excerpt":{"rendered":"

New analysis from Goldman Sachs shows that American consumers \u2014 not corporations or foreign countries \u2014 will shoulder more than half of the cost of Donald Trump\u2019s reckless tariffs. That number could rise even more with additional tariffs set to take effect. Trump and his Treasury Secretary Scott Bessent claim that Americans are not footing […]<\/p>\n","protected":false},"author":303,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1056534","post","type-post","status-publish","format-standard","hentry","category-press-release"],"acf":[],"yoast_head":"\nNEW REPORT: Consumers Will Foot More Than Half of the Costs of Trump\u2019s Tariffs - 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-report-consumers-will-foot-more-than-half-of-the-costs-of-trumps-tariffs\/\" \/>\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=\"2025-10-14T20:12:31+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-10-14T20:12:32+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/democrats.org\/wp-content\/uploads\/2025\/01\/Black-Logo-White-Fill-For-Email.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1101\" \/>\n\t<meta property=\"og:image:height\" content=\"483\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Jared Carmeli\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Jared Carmeli\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/democrats.org\/news\/new-report-consumers-will-foot-more-than-half-of-the-costs-of-trumps-tariffs\/\",\"url\":\"https:\/\/democrats.org\/news\/new-report-consumers-will-foot-more-than-half-of-the-costs-of-trumps-tariffs\/\",\"name\":\"NEW REPORT: Consumers Will Foot More Than Half of the Costs of Trump\u2019s Tariffs - 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