New Dem Chair Rebukes Trump’s 25 Percent Tax on Steel and Aluminum
Today, New Democrat Coalition Chair Brad Schneider (IL-10) issued a statement against the Trump Administration’s announcement of 25 percent tariffs – taxes that are paid by American consumers – on all steel and aluminum imports to the U.S.
“Tariffs, when used strategically, are an important tool in defending U.S. economic interests, however if used like a sledge-hammer rather than a scalpel, tariffs are likely to hurt American consumers, more than they help American companies.
“While the American people are struggling with high prices, President Trump’s 25 percent tariffs on all steel and aluminum imports will increase the cost of everything from cars to homes, appliances, and electronics. And it’s not just product costs – Americans will soon see their home and auto insurance premiums increase to cover rising costs of replacement.
“Trump’s 25 percent steel and aluminum tariffs have broken longstanding agreements with our partners and escalated an already damaging trade war, which will likely lead to even more price hikes.
“Hardworking families are pleading with their leaders to fight inflation, but once again Trump’s economic policies are raising costs for consumers. Trump’s 25 percent steel and aluminum tax will deal a heavy blow to American manufacturers, raising production costs, putting jobs at risk, and potentially causing critical material shortages. The impact was immediate: Nucor, one of the largest U.S. steel manufacturers, announced price hikes on materials yesterday.
“New Dems are laser-focused on lowering costs, and we’ll fight against any policy that threatens the savings and bank accounts of hardworking families. Through legislation like the Prevent Tariff Abuse Act, we’re working to advance commonsense solutions in Congress to stop Trump from threatening the U.S. economy every time he posts on social media.”
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