Trump promised to lower prices on his first day in office. We're now three months into his term and prices are going up and Americans are more concerned about the economy than ever1.
Inflation is up. Stock markets are down2. Businesses are nervous about how much less consumers are spending3.
The Trump administration will tell you this is an economy they inherited. Don’t be fooled – the damage really stems from the administration’s reckless actions. They’ve fired tens of thousands of workers.
They’ve fired folks who protect consumers from being ripped off by big corporations, and veterans who help other vets get the care they need. Now, they’re doubling down by imposing huge tariffs.
Let’s cut to the chase. A tariff is a tax, a tariff tax.
That’s not a partisan argument. That’s a fact. Republicans, Democrats, and economists across the spectrum agree it’s American consumers who end up footing the bill for tariffs.
In the last few months, the Trump administration has announced major tariffs across the board. And, we’re not talking about specific products – or even just targeting countries like China.
These are major tariffs on our most valuable trading partners4.
25% on all goods from Canada
25% on all goods from Mexico
25% on foreign steel and aluminum
25% on foreign cars or parts
10% on Canadian energy
This Wednesday, on their so-called “Liberation Day” the administration announced even more tariffs to add fuel to the fire. These additional tariffs will go into effect this weekend and hit your wallet harder.
10% on all goods from all countries
20% on goods from the European Union
24% on goods from Japan
34% on goods from China
Bottom line: Americans will pay higher prices on everything, starting with their groceries.
Buying a six-pack of Colorado beer? More expensive.
Filling up your truck? That’ll cost you more.
Replacing a part on your car? Be ready to pay a surcharge.
Building a new home? Expect building costs to rise.
We’re hearing from small businesses across Colorado. Craft brewers are worried about the price of aluminum skyrocketing. Farmers are worried about fertilizer and other products they depend on getting more expensive.
I’ve run enough small businesses and can say from experience that those price changes will devastate many of our local entrepreneurs.
This is especially true for the smallest businesses, the newest entrepreneurs. They are the most fragile, the most vulnerable.
The impacts for consumers are just as bad. Major companies like Target and Best Buy are saying they will raise prices. Even Trump’s own Commerce Secretary has publicly said the tariffs will increase prices.
The administration’s messy and volatile tariff taxes with two of our closest trading partners – Mexico and Canada – will lead to fewer jobs at home.
In Colorado, over 140,000 jobs are directly tied to our trade with Canada alone. And, Mexico is Colorado’s largest export partner5. In 2024, we exported over $1.7 billion to Mexico6.
Mexico, Canada, and the other countries have already started to retaliate and to target American businesses and producers with their own tariffs.
So much for lower prices on day one, right?
The last thing Americans want is a trade war – pitting the U.S. against our trade allies while American workers, small businesses, farmers, and families foot the bill.
The bottom line is that these tariffs will lead to higher costs, fewer small businesses, and an increase in unemployment. I don’t think you’ll find anyone who says that is what they voted for in the last election.
Coloradans shouldn’t be stuck paying for Trump’s broken promise to lower costs – but that’s exactly what’s happening7.
https://www.semafor.com/article/03/25/2025/us-consumer-confidence-hits-a-multi-year-low
https://www.cnbc.com/2025/04/02/stock-market-today-live-updates-trump-tariffs.html
https://www.reuters.com/markets/us/us-consumer-spending-falls-january-monthly-inflation-rises-2025-02-28/
https://www.cnn.com/2025/04/01/business/trump-tariff-liberation-day/index.html
https://www.cpr.org/2025/02/04/how-canadian-tariffs-could-impact-colorado/
https://kdvr.com/news/local/colorado-trade-canada-mexico-china-imports-exports/#:~:text=Trade%20with%20Mexico%3A%20Colorado's%20top,to%20U.S.%20Census%20Bureau%20data.
https://www.nbcnews.com/politics/economics/trump-puts-tariffs-thousands-goods-canada-mexico-risking-higher-prices-rcna194542