In response to Trump’s erratic trade war hurting Wisconsin small businesses and consumers, DNC Chair Ken Martin released the following statement:
“It’s been 90 days, and Donald Trump not only failed miserably to secure the 90 trade deals he promised to Wisconsinites, but instead he’s continued to plunge our economy and hurt Wisconsin small businesses. Trump’s chaotic trade war is costing Wisconsin small businesses millions in lost revenue while Wisconsin consumers are forced to bear the pain of higher prices. Let’s be clear: Trump’s erratic economic policies do nothing but hurt hardworking Wisconsinites’ pocketbooks, higher Wisconsin small businesses on the path of bankruptcy, put jobs at risk, and drag the country toward recession.”
Trump’s trade wars have already cost Wisconsin businesses $918.3 million — and yet Trump is now ramping up the chaos.
Axios: “A handful of states feel the biggest brunt of Trump’s tariffs”
“Tariffs imposed by President Trump have generated tens of billions of dollars in revenue for the government — but the burden falls far from equally on different states.
“From January 1 to May 31 of this year, California faced a tariff impact of $11.3 billion, by far the highest in the country.
“Texas was a distant second at $6 billion, followed by Michigan at $3.3 billion. …
“More than half of the most-impacted states voted for Trump in the last election.”
Wall Street Journal: “Tariff Uncertainty Likely to Weigh on Global Growth Even After Extended Talks”
Reuters: “New trade war deadline prolongs instability, UN trade agency says”
Economists are sounding the alarm that Trump’s disastrous agenda will bring higher inflation, higher unemployment, and slower growth.
Reuters: “Federal Reserve Bank of New York President John Williams expects slower growth and higher inflation this year due in large part to trade tariffs …
“Williams said that as a result he expects growth to slow considerably this year to around 1%, with the unemployment rate rising from its current 4.2% level to 4.5% by year’s end. The official also expects that inflation will rise to 3% as President Donald Trump’s tariffs drive up prices …”
Federal Reserve Bank of Richmond: “Record Concern about Tariffs Expected to Increase Costs and Prices, Reduce Hiring and Investment”
“Forty percent of [CFOs] indicated tariffs and trade policy were a pressing concern for their firm this quarter, a record share of respondents citing the same concern going back to the second quarter of 2020 — a time period that covered the pandemic, severe supply chain disruption, and the highest inflation rate the U.S. has seen since the early 1980s.”
Axios: “More than 70% of U.S. small and mid-sized businesses say tariffs have already increased their operating costs …
“72% of U.S. companies said tariffs have already increased their costs, and 77% expect those costs to rise further by the end of the year.”
