Reed Statement on Trump’s Latest Round of Price-Hiking Tariffs

WASHINGTON, DC – In a blow to consumers that is likely to fuel inflation, President Trump replaced his expiring Section 122 “global” tariffs with a new round of dubious, double-digit tariffs that were announced just as Trump’s previous tariffs were forced to expire. The latest price-raising tariffs on imported goods comes after a February Supreme Court ruling that struck down a broad swath of Trump’s trade regime. Today, U.S. Senator Jack Reed (D-RI) issued the following statement: “Once again, President Trump is driving up prices on the American people and small businesses. These capricious, unwarranted levies are stoking inflation, severing critical economic partnerships, and needlessly causing uncertainty for U.S. businesses that need stability to plan for the future. “President Trump’s incoherent trade strategy is creating real financial hardships for Americans across the country. Even the Wall Street Journal acknowledged this week: “President Trump is conceding that his blunderbuss border taxes are harming U.S. business as other countries retaliate,” the paper’s editorial board wrote. “So now he’s whacking Canada harder for punching back. The trade brawl could leave both countries with more bruises than a hockey fight.” “And the New York Times notes: “ Effective tariff rates are going to change on Friday for the 45th time in the last 18 months — an average of once every 12 days .” “As President Trump tries to flout the court and circumvent Congress, it’s past time for Republicans to finally join Democrats in standing up to President Trump to end his price hiking tariff regime. Enough is enough.” According to the Joint Economic Committee , American families have already paid an average of $1,700 more in tariff costs since Trump’s return to office.