Trump Tanks the Economy
Billionaires are going to get richer. Your costs are going to rise.
Main Headline: Trump’s economic policies are making life more expensive.
“Access to cheap goods is not the essence of the American dream. . . " - Treasury Secretary Scott Bessent (net worth of $521 million)
Yesterday, Donald Trump announced a 10% across-the-board tariff on all imported goods—a tax on every American disguised as trade policy. It takes effect April 5th.
He also rolled out a set of “reciprocal tariffs” targeting countries he claims have unfair trade practices. Those kick in on April 9th.
And just last week, he slapped a 25% tariff on all imported cars and auto parts.
Trump’s trade moves are notoriously erratic, so these may never fully take effect. But economists are already sounding alarms. CNBC called the tariffs “worse than the worst-case scenario.” Stock futures plummeted. The S&P 500 is down 3.4%, NASDAQ is down 4.3%. And this is just the beginning.
These tariffs will cause immediate pain. Prices will rise. Stocks will fall. Economic growth will rescind. The president doesn’t seem to care.
What they do care about is cutting their taxes — and making you pay for it. And that is probably the explanation for Trump’s obsession with tariffs.
The Price of Tariffs? Your Grocery Bill, Your Gas Tank — and Now, Your Car
Economists are still crunching the numbers on Trump’s latest tariff announcement—we’ll update you as the full picture emerges. But even before yesterday’s announcement, his economic policies were already damaging the economy.
In February, Trump announced:
25% tariffs on nearly all goods from Canada and Mexico
10% tariffs on Chinese imports — later hiked to 34%
That means higher prices on everything from avocados and beer to gas, electronics, and clothes — a $145 billion tax hike on American consumers.
Then came the next blow:
Last week, Trump slapped a 25% tariff on all imported cars and auto parts.
Nearly half of all cars sold in the U.S. are imports — and even “American-made” vehicles depend heavily on foreign components.
The fallout is already hitting:
The typical U.S. household faces a $1,200 tax hike
Car prices are projected to rise $5,000 to $15,000
Median home prices could jump by $21,000
1 in 4 U.S. businesses has scaled back hiring, per Duke University
The Fed projects the U.S. economy will shrink by 2%
Gas prices could rise by 40–50 cents per gallon
The Tax Foundation estimates a permanent tariff regime could cut long-term growth by 0.4% and wipe out 309,000 full-time jobs
And none of that includes the new tariffs Trump just announced.
Why Tariffs?
Trump’s tariffs hurt our economy across the board. And frankly, many of the billionaires in Trump’s cabinet could be negatively impacted. So why is Trump so determined to pursue this policy? I think there are a few reasons:
Trump the Deal Maker:
Trump’s entire brand is built on looking strong and making deals. He thinks tariffs are a good tool to do that. Pushing back against “unfair” trade deficits, standing up for America first. Smaller economies might be unable to withstand the pressure and will cut “deals,” which Trump will tout as huge successes.
To be clear, this is dumb and will accomplish nothing of substance.
Revenue for Tax Cuts:
Trump wants to extend the 2017 tax cuts — a $4.5 trillion giveaway to the wealthiest Americans. But that creates a giant hole in the deficit. Tariffs are one way to fill that gap. Or at least pretend they are doing something about our nation’s rising debt.
It’s bad policy. You’re footing the bill for someone else’s tax break. Rising prices will squeeze consumer spending, but they don’t care — as long as the rich get theirs.
Corruption:
Let’s be real: Trump’s never met a scam he didn’t love.
He kicked off his second term with a crypto token grift. He’s openly profiting off the presidency. So what’s stopping him from using tariffs as leverage?
Want relief for your industry? Buy $10 million in Trump Coins.
Want tariffs implemented on your competitors? Pay to play.
His obsession with tariffs might be as simple as that.
How to talk about this?
Trump’s economic team is run by billionaires giving themselves tax breaks and raising costs for everyone else.
It really is that simple.
These tariffs won’t bring back factories. They won’t stop fentanyl. They won’t revive small towns. What they will do is:
Make everyday life more expensive
Shrink the economy
Let billionaires cash out while the rest of us fall behind
Trump and Elon Musk want you to sacrifice so they can get rich.
We don’t have to accept that deal.
Sources:
https://en.wikipedia.org/wiki/Tariffs_in_the_second_Trump_administration
https://www.investopedia.com/tariffs-are-hitting-the-economy-where-it-hurts-11705264
https://www.cnn.com/2025/03/26/economy/auto-tariffs-announcement/index.html
https://taxfoundation.org/research/all/federal/trump-tariffs-trade-war/
https://www.nytimes.com/2025/03/31/business/trump-tariffs-higher-prices.html
https://www.cnn.com/2025/03/28/economy/auto-tariffs-could-raise-cost-of-car-repairs/index.html
https://www.bls.gov/news.release/cpi.nr0.htm
https://www.marketwatch.com/story/low-and-middle-income-americans-say-they-are-sacrificing-their-happiness-in-the-face-of-stubborn-inflation-and-more-tariffs-ahead-3bba0518
https://usafacts.org/answers/what-are-the-biggest-drivers-of-inflation-in-the-past-year/country/united-states/
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