Luján, Cortez Masto Lead Senate Spotlight Forum on Trump’s Tariffs and Their Impact on American Families
Costs, Chaos, Corruption: The Household Impact of Trump’s Tariffs
Photos from the forum available here.
Washington, D.C. – Today, U.S. Senators Ben Ray Luján (D-N.M.) and Catherine Cortez Masto (D-Nev.), members of the Senate Committee on Finance, hosted a Spotlight Forum titled “Costs, Chaos, Corruption: The Household Impact of Trump’s Tariffs.” The forum examined how President Trump’s tariff policies fuel economic instability, raise costs on working families, harm the travel and tourism sector, and benefit special interests. The event featured testimony from policy experts, labor leaders, and small business owners directly impacted by the reckless tariffs.
“Across New Mexico and the country, Americans arefeeling pain from President Trump’s tariffs,” said Senator Luján. “Costs, Chaos, Corruption – those aren’t just buzzwords. They’re the reality for hardworking families in New Mexico and across America. President Trump’s tariffs are expected to cost American households $2,600 a year, a price that’s far too expensive for many Americans to afford. That’s why I partnered with Senator Cortez Masto to show the American people that President Trump’s tariffs are a tax on working families, a gut punch to small businesses, and a green light for corruption.”
“President Trump’s tariffs and the haphazard manner in which he’s deploying them are causing real damage to real Americans,” said Senator Cortez Masto. “It’s now more important than ever that we give a microphone to those most impacted by Trump’s shortsighted economic policies. Senate Democrats will never stop fighting for working families.”
During the forum, witnesses highlighted that President Trump’s reckless tariffs are hurting small businesses, the economy, and the American consumer.
The forum featured testimony from:
- Adam Posen, President, Peterson Institute for International Economics
- Thea Lee, Economist and Former Deputy Undersecretary for International Labor Affairs
- Preston Martin, CEO, Bicycle Technologies International
- Steve Wright, President and General Manager of Jay Peak Resort
- Emma Jagoz, Owner of Moon Valley Farm
“This is one of the worst ways to impose a tax and one of the most regressive ways to redistribute income from poorer to richer Americans and increase the tax burden on poorer people. In addition, because they cause uncertainty, provoke retaliation by other nations, and create opportunities for government corruption, tariffs have many destructive side effects that other forms of taxes do not,” said Adam Posen in his opening statement.
“The Trump tariffs bring all pain and no gain. In the short term, there will be uncertainty, supply bottlenecks, unpredictable price hikes on essential items, and likely decreases in both imports and exports as some trading partners implement retaliatory tariffs. In the long term, there will be irreparable rifts with valued trading partners and lack of coordination on shared goals,” said Thea Lee in her opening statement.
“With over 90% of bicycles, bicycle parts and bicycle accessories manufactured outside the US, the bike industry depends on a global supply chain. BTI imports from around the globe, especially Asia and Europe. Even our US sourced bike products are being affected since they are made from foreign-sourced raw materials. The bicycle industry works on low margins, thus cannot absorb higher tariff expenses,” said Preston Martin in his opening statement.
“In a normal year, roughly 750k Canadian tourists come into Vermont and inject roughly $150m into the State’s economy. Recent data shows that hotel reservations from CAD visitors are down 45% between Jan-April, credit card spending is down nearly 40% across that same time period, border crossings have been declining every month and are down nearly 35% and visits to the Vermont.com website, a data point reflecting the likelihood of visiting in the future are off 70% across the first few months of the year,” said Steve Wright in his opening statement.
“Small and medium-scale farmers of all political affiliations are bracing for a tough year. Input costs are rising, labor costs are soaring, USDA support is being cut, and consumers are stretched thin,” said Emma Jagoz in her opening statement.
Footage of the full forum can be foundHERE.
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