• Economy
  • Editor’s Pick
Money Rise Today – Investing and Stock News
  • Investing
  • Stock
Editor's Pick

‘Making America expensive again’: Democrats find a tax they don’t like in Trump tariffs

by February 5, 2025
written by February 5, 2025

Democrats are warning that Americans will face higher costs and end up paying the price for new tariffs President Donald Trump is imposing against Mexico, Canada and China. 

The White House announced Friday that in response to an ‘invasion of illegal fentanyl’ to the U.S., it would impose a 25% tariff on all goods entering the United States from Mexico and Canada, a 10% tariff on Canadian energy and a 10% tariff on all goods entering the U.S. from China. 

Tariffs against China went into effect Tuesday, although Trump agreed to push back tariffs against Mexico and Canada by at least one month after discussions with each respective country about securing the border.

While Trump acknowledged Friday the tariffs might result in ‘temporary, short-term disruption,’ Democrats claim American taxpayers will end up hurting and paying the price. 

According to one Washington think tank, the nonpartisan Peterson Institute for International Economics, these rounds of tariffs are expected to cost U.S. households roughly $1,200 a year annually. 

As a result, Senate Minority Leader Chuck Schumer, D-N.Y., took a jab at Trump and mocked the president’s coined expression about a ‘golden age’ of economic prosperity. 

‘President Trump kickstarted a golden age of higher costs for American families with his 25% tariffs on Canada and Mexico,’ Schumer said Monday on the Senate floor. ‘Two of our four biggest trading partners by issuing his tariffs. Donald Trump is yet again rigging the game for his billionaire friends, while doing nothing to lower costs for American families.’

‘The Trump tariffs will make gas prices go up, and we should not listen at all to Donald Trump when he says it’s about stopping fentanyl,’ Schumer said. ‘That’s nonsense. There are other ways to stop fentanyl without making inflation worse and raising costs on the American family.’

Additionally, Sens. Chris Coons, D-Del., and Tim Kaine, D-Va., introduced legislation Thursday that would increase legislative branch oversight before imposing new tariffs. Specifically, the legislation would require the president to brief Congress on tariff proposals and impacts on the U.S. economy and foreign policy interests.

The measure, known as the Stopping Tariffs on Allies and Bolstering Legislative Exercise of (STABLE) Trade Policy Act, also would require approval from Congress before executing any new tariffs on U.S. allies or other free trade agreement partners. 

Coons warned that the American people would pay the price for the tariffs, which he labeled the ‘largest tax increase’ on Americans in a long time. Coons also cautioned that imposing tariffs on Mexico and Canada would turn them into ‘nervous neighbors’ and could jeopardize relationships with allies. 

‘China, Mexico, and Canada are our three largest trading partners,’ Coons said in a statement Friday. ‘It’s the largest tax increase on working Americans in a long time, and it will cost them thousands of dollars every year. President Trump is making America expensive again.’ 

Experts have warned that the costs of foods like avocados, dairy and certain meats could go up as a result of the tariffs. For example, Kelly Beaton, the chief content officer at The Food Institute, noted that the U.S. receives a large portion of hog and beef imports from Canada. These tariffs ‘will undoubtedly’ lead to higher import costs, and, ultimately, higher beef and pork prices for American consumers, she said, Fox Business reports. 

Likewise, Democratic Reps. Suzan DelBene, D-Wash., and Don Beyer, D-Va., also introduced legislation in January that would block Trump from using emergency powers to implement tariffs, amid concerns that American consumers would end up footing the bill.

‘Not only would widespread tariffs drive up costs at home and likely send our economy into recession, but they would likely lead to significant retaliation, hurting American workers, farmers, and businesses,’ DelBene said in a statement on Jan. 15. 

In response to Americans absorbing costs from the tariffs, Trump said in a post Sunday on Truth Social: ‘WILL THERE BE SOME PAIN? YES, MAYBE (AND MAYBE NOT!). BUT WE WILL MAKE AMERICA GREAT AGAIN, AND IT WILL ALL BE WORTH THE PRICE THAT MUST BE PAID.’

While Sen. Mitch McConnell, R-Ky., told NBC News’ ’60 Minutes’ he predicted tariffs would drive up consumer costs, other Republicans like Sen. Lindsey Graham, R-S.C. told Fox News Sunday that the tariffs are designed to ‘get these countries to change their behavior.’

The tariffs were being imposed due to an ‘unprecedented invasion of illegal fentanyl that is killing American citizens,’ White House press secretary Karoline Leavitt said Friday.  

 

Trump and Mexican President Claudia Sheinbaum spoke on Monday, resulting in the postponement of the tariffs against Mexico for one month. Additionally, Sheinbaum promised to dispatch 10,000 troops to the U.S.–Mexico border. 

Likewise, Canadian Prime Minister Justin Trudeau unveiled plans for a $1.3 billion border plan, requiring reinforcements at the border with ‘new choppers, technology and personnel, enhanced coordination with our American partners, and increased resources to stop the flow of fentanyl.’

‘Nearly 10,000 frontline personnel are and will be working on protecting the border,’ Trudeau said in a social media post on X on Monday. 

While Trudeau initially unveiled plans for Canada’s own 25% tariffs on up to $155 billion in U.S. imports on items such as fruit and alcohol. But Trudeau said Sunday the tariffs were on pause for at least 30 more days amid negotiations with the U.S. 

Trudeau also said that ‘we will list cartels as terrorists, ensure 24/7 eyes on the border, launch a Canada- U.S. Joint Strike Force to combat organized crime, fentanyl and money laundering.’ 

Fox News’ Brooke Singman and Daniella Genovese contributed to this report. 

This post appeared first on FOX NEWS
0 comment
0
FacebookTwitterPinterestEmail

previous post
Teens spend more than a quarter of their time at school on phones, new study finds
next post
Trump and Netanyahu have historic opportunity to promote Mideast peace

related articles

Trump turns to Musk amid Iran blackout, rekindling...

January 12, 2026

In 2026, energy war’s new front is AI,...

January 12, 2026

Trump declares himself Venezuela’s ‘acting president’ in online...

January 12, 2026

Iran’s Khamenei issues direct warning to United States...

January 12, 2026

Trump’s Greenland push escalates as GOP lawmaker moves...

January 12, 2026

US hostages in Iran face heightened risk as...

January 12, 2026

GOP eyes Venezuela’s untapped oil wealth as Democrats...

January 12, 2026

Republican senator vows to block Trump Fed nominee...

January 12, 2026

DHS funding threatened as Congress rolls out $80B...

January 12, 2026

Inside the lightning US strike that overwhelmed Venezuela’s...

January 12, 2026
Enter Your Information Below To Receive Free Trading Ideas, Latest News, And Articles.


Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest News

  • AMD stock sees unusual options activity as whale calls dominate

    January 1, 2026
  • ApeCoin and Akita Inu: ApeCoin returns to weekly open price

    August 15, 2024
  • White House website praises lifetime Supreme Court appointments as Biden pushes term limits

    July 30, 2024
  • Trump appoints Tulsi Gabbard as director of national intelligence: ‘Fearless spirit’

    November 13, 2024
  • Trump trial continues with more FBI testimony after rifle called ‘prepared to fire’

    September 16, 2025

Popular Posts

  • 1

    Secret Service admits leaning on ‘state and local partners’ after claim it ignored Trump team’s past requests

    July 21, 2024
  • 2

    District judges’ orders blocking Trump agenda face hearing in top Senate committee

    April 2, 2025
  • 3

    Five more House Democrats call on Biden to drop out, third US senator

    July 19, 2024
  • 4

    Forex Profit Calculator: Maximize Your Trading Potential

    July 10, 2024
  • 5

    Elon and Vivek should tackle US funding for this boondoogle organization and score a multimillion dollar win

    December 4, 2024

Categories

  • Economy (829)
  • Editor's Pick (7,420)
  • Investing (814)
  • Stock (965)

Latest Posts

  • Inflation picks up again in June as tariffs slowly work their way through U.S. economy

    July 16, 2025
  • US midday market brief: AI stocks stumble as Microsoft drama hits, but Dow powers ahead

    December 4, 2025
  • White House: Biden is not holding Harris back, has been ‘really clear about passing the torch’

    October 16, 2024

Recent Posts

  • Dem senators rip GOP’s ‘Silence of the Lambs’ as Trump marks 100th day

    April 29, 2025
  • Biden leans on foreign policy to justify remaining Democrat nominee: Here’s what he’s done

    July 14, 2024
  • Joe Biden diagnosed with ‘aggressive form’ of prostate cancer with metastasis to the bone

    May 18, 2025

Editor’s Pick

  • The great airlift: how Apple ferried 1.5M iPhones from India to the US to beat Trump tariffs

    April 10, 2025
  • What to expect from Oracle’s Q2 results?

    December 10, 2025
  • The one characteristic of Reagan and Trump that sets them apart from other presidents

    July 28, 2024
  • About us
  • Contacts
  • Privacy Policy
  • Terms & Conditions

Disclaimer: moneyrisetoday.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2025 moneyrisetoday.com | All Rights Reserved

Money Rise Today – Investing and Stock News
  • Economy
  • Editor’s Pick
Money Rise Today – Investing and Stock News
  • Investing
  • Stock