WHAT THEY ARE SAYING: Trump Announces Largest National Sales Tax in History, Crashes Markets with Global Trade War
Note from New Democrat Coalition Vice Chair for Communications Marc Veasey (TX-33):
“President Trump ran on a platform of lowering costs for Americans. But yesterday he announced the single largest national sales tax in U.S. history, forcing hardworking families and small businesses to once again carry the burden of his decisions. New Dems are committed to fighting back against this harmful tax hike on everyday Americans so we can put money back in the people’s pockets.”
GLOBAL MARKETS CRASH
Market Upheaval From Trump’s Tariffs Could Be Just the Beginning
Markets were gripped by the recession trade after President Trump’s tariffs on Wednesday threatened a global trade war. Treasury yields, stock futures and the dollar all plunged. But this might just be the beginning: If the tariffs, which are in effect the biggest U.S. tax rise since at least the 1950s, cause the economy to shrink, stocks and yields still have a long way to go down.
‘It’s a Disaster’: Global Markets Plunge After Trump Unveils Tariffs
Shockwaves reverberated through Wall Street on Thursday after President Trump announced higher-than-expected tariffs for most of America’s trading partners, upending economic forecasts and sending stock markets sharply lower.
Dow drops 1,500 points, S&P 500 loses 4% as stock market rout on Trump’s tariffs worsens
Stocks nosedived Thursday sending the S&P 500 back into correction territory, after President Donald Trump unveiled sweeping tariffs of at least 10% and even higher for some countries, raising the risks of a global trade war that hits the already sputtering U.S. economy.
China Vows Retaliation as Trump Unleashes ‘Bazooka’ US Tariffs
China vowed to retaliate against Donald Trump’s biggest tariffs yet, putting the world’s largest economies on a collision course that risks decimating bilateral trade and upending supply chains.
‘This Could Get Much Uglier’: The Fatal Flaw in Trump’s Trade War
President Donald Trump’s sweeping tariff regime will completely transform America’s economic relationship with the rest of the world, all in the name of revitalizing domestic manufacturing.
LAYOFFS AND RISING COSTS
Trump's tariffs set to drive up bar bills and wipe out spirits jobs
U.S. drinkers will pay more for cocktails, champagne and foreign beers, brands will disappear from bar menus and jobs will be lost on both sides of the Atlantic as a result of U.S. President Donald Trump's reciprocal tariffs, drinks industry bodies and analysts said on Thursday.
Tariffs will squeeze manufacturers and jobs may not follow
Tariffs are meant to boost U.S. manufacturing and jobs, but the issue is complicated. Why it matters: In the short run, U.S. manufacturers are going to hurt from these tariffs, and whether they lead to more jobs in the long term is an open question.
Trump’s wall of tariffs is likely to raise prices and cause chaos for business
President promised liberation yet may have plunged the US into recession and the world into an economic scramble
Every car is about to get more expensive. ‘It’s just math,’ former Ford CEO says
There is nowhere to hide in the auto industry from President Donald Trump’s auto tariffs, according to former Ford CEO Mark Fields.
Stellantis says will temporarily lay off 900 U.S. workers following tariff announcement
Stellantis NV, said on Thursday it was temporarily laying off 900 workers at five U.S. facilities after President Donald Trump's tariffs were announced, and temporarily pausing production at an assembly plant in Mexico and one in Canada.
American auto jobs could be lost quickly in tariff war
Looming tariffs on imported cars could mean more than just higher prices for buyers and lower profits for automakers – it could also mean layoffs for American autoworkers.
Whirlpool Corp. announces Iowa's largest layoff of 2025 in Amana manufacturing facility
Whirlpool Corp. has announced it is letting go of 651 workers from its manufacturing facility in Amana, effective June 1, in the largest single Iowa layoff since Tyson Foods last spring shut down its 1,200-worker pork plant in Perry.
NEW DEMS ON NATIONAL TV
Rep. Jared Moskowitz (FL-23) joined CNN to discuss the damage of new tariffs on the economy and the voices across the political spectrum that are speaking out against them.
Rep. Josh Gottheimer (NJ-05) joined CNBC to discuss how Trump’s tariff chaos is shrinking the US economy, hurting small businesses, and draining the pockets of hardworking families.
Rep. Greg Landsman (OH-01) joined CNN to discuss what Trump’s tariffs mean for Ohio workers, small businesses, and American families.
Rep. Debbie Wasserman Schultz (FL-25) joined MSNBC to discuss how Trump’s tariffs are really just taxes that prices for American families, and he doesn't care about it.
Rep. Morgan McGarvey (KY-03) joined ABC News Live to discuss the impact of Trump’s Tariffs on the Kentucky Bourbon industry.
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