WASHINGTON – In case you missed it, U.S. Senator Chris Coons (D-Del.) wrote an op-ed for Fox News today telling readers how President Trump’s harmful economic policies are increasing inflation and raising the price of everyday goods.
Despite claiming repeatedly last year that he’d address inflation “on day one,” inflation is rising on Trump’s watch, back over 3% for the first time in over half a year and expected to continue going up. Nearly two-thirds of voters say Trump isn’t doing enough to reduce costs.
President Trump’s coming policies certainly won’t help matters. As Senator Coons writes, Trump’s tariffs on all imports from Mexico and Canada will make groceries and housing more expensive. His mass deportation efforts will also wipe out huge chunks of the workforce in sensitive industries. President Trump is already one of the least popular presidents after one month in office in modern history, Senator Coons tells Fox News readers, and his economic ideas seem unlikely to help matters.
Fox News: Sen. Chris Coons: Trump's inflationary policies making America expensive again
One month into his term, President Trump is making America expensive again, and everyone is feeling the pain.
Last year, President Donald Trump ran against inflation, saying when he accepted the Republican presidential nomination last July and throughout his campaign that "starting on day one, we will drive down prices and make America affordable again."
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After one month, we’re beginning to see the direction Trump is taking our economy, and it’s not pretty. Groceries are more expensive than ever. The price of eggs is setting new records every day. Inflation is back over 3% for the first time in eight months. The nonpartisan experts at the Federal Reserve expect inflation to keep rising.
It’s no wonder that there’s only been one president in modern history who has been less popular with the American people after one month in office than Donald Trump is right now: Trump again, back in 2017.
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Over the coming months, Trump’s policies will continue to push prices higher, none more than his aggressive tariff proposals. He has already imposed an additional 10% tariff on everything we import from China – one of our three largest trading partners. In less than two weeks, he has promised to implement additional 25% tariffs on Mexico and Canada – our other two largest trading partners – followed soon after by 25% tariffs on steel, aluminum, automobiles, pharmaceuticals and microchips.
Tariffs are simply a tax that gets passed down to consumers. If a retailer pays an additional 10% or 25% to import a refrigerator or a car, the company is simply going to increase the sticker price at the store. As more of Trump’s tariffs go into effect, costs will rise on everything from the Canadian lumber we use to build our houses to Mexican tomatoes and lemons we buy at the supermarket.