Warner & Kaine Highlight New Report Projecting $490 Billion in Manufacturing Losses By 2029 Due to Trump Tariffs

WASHINGTON, D.C. –Today, U.S. Senators Mark R. Warner and Tim Kaine (both D-VA) highlighted a new report from the Joint Economic Committee warning that the Trump Administration’s sweeping tariff regime—which has includedalmost 100 different policiessince April—has directly harmed the American manufacturing sector and could cost the U.S. more than $490 billion in manufacturing investments by 2029.
“If President Trump were actually focused on lowering costs, he would never have never implemented his idiotic, unpopular sales taxes in the form of tariffs,”said the senators.“This report clearly shows the short and long-term damage Trump’s tariffs will have on American manufacturing businesses and consumers. We’re going to keep doing all that we can to pressure Trump to listen to these critical warning signs, reverse course, and put our economy first.”
The Joint Economic Committee, using both U.S. business investment growth projections and economic analyses of uncertainty for United Kingdom businesses in the years following the U.K. Brexit vote to leave the European Union, found that:
Read the full reporthere.
Warner and Kaine have been leaders in the fight against Trump’s dangerous tariff policies. In July, Kaine, the Ranking Member of the Senate Foreign Relations Subcommittee on the Western Hemisphere,announcedhis intent to file legislation to challenge Trump’s tariffs on goods fromBrazil. The legislation is privileged, which means the Senate will be forced to vote on the legislation soon. In April, the senators successfully secured Senate passage of abillto undo Trump’s tariffs on Canadian goods. Kaine has since sent a letter to House Speaker Mike Johnsondemanding that he schedule a votein the House of Representatives on his Senate-passed legislation. Kaine also forced a vote on hisbipartisan legislation to repeal President Trump’s across-the-board tariffsthat the White House announced on April 2.
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