WASHINGTON, DC –Today, President Trump announced he is imposing new tariff taxes on all countries that could raise prices significantly on every item Americans buy. 

U.S. Senator Jack Reed says Trump’s tariffs are a costly and inefficient ‘national sales tax’ that is directly paid for by U.S. consumers while also reducing profits for many American small businesses.  Today, Reed stated:

“President Trump’s blanket tariffs will smother economic growth and make goods more expensive for Rhode Islanders.

“From groceries and clothes to cars and homes, President Trump’s tariffs are contributing to higher prices for everyday Americans. He is stoking uncertainty, inflation, and the cost of living.  And it’s not just families, Rhode Island manufacturers are sure to see a tariff hit on raw materials and parts they need for their operations.  Similar impacts could hit operations at the Port of Davisville. 

“Hardworking families will be left paying the price for Trump’s tariffs when what they really need the White House to do is help lower prices.  President Trump’s policies will force Americans to pay more for the same goods and they will have less money to save or spend elsewhere. 

“The U.S. economy is not as strong as it should be because of President Trump’s chaotic, myopic approach to tariffs that punish both U.S. consumers and some of our strongest and most reliable allies. 

“The President needs to step back from the tariff brink and start acting in a more strategic and straightforward manner that will stabilize our economy instead of destabilizing it.”