CONTACT:
Gwen Pepin
[email protected]
Chicago, IL — Today, the Belleville News-Democrat published a report detailing how Donald Trump’s tax on working families will cost Illinoisans an additional $2,000-$3,000 a year. In response, the Democratic Party of Illinois released the following statement:
“Donald Trump is slamming households with more taxes, more bills and more stress instead of fulfilling campaign promises to make life more affordable for Illinois’ working families. Thanks to Donald, Illinoisans can expect to dole out an additional mortgage payment just to cover the cost of the White House’s ill-advised and ego-fueled tariffs.”
Trump isn’t going to make corporate power players pay for his tariff policies–Illinois’ families will.
Key excerpts from the Belleville News-Democrat: How much money could Trump’s proposed tariffs cost Illinois households each year?
- While President Trump issued a 30-day pause on his proposed tariffs against Mexico and Canada Feb. 3, a tax on goods from China has gone into effect, and Illinois residents will likely see consumer prices increase as a result.
- The state of Illinois imports more than $200 billion worth of goods and commodities each year, and half of the state’s imports come from Canada, Mexico and China, Frank Manzo IV, an economist with the Illinois Economic Policy Institute, said in a Feb. 5 interview with the News-Democrat…“Tariffs would have an outsized impact on Illinois,” Manzo said.
- If the president’s proposed tariff rates are implemented in full against all three countries, Manzo said the average Illinois household can expect to pay $2,000 to $3,000 more each year.
- Additional import costs on these items would raise costs for transportation, manufacturing and construction, Manzo said. That could worsen inflation, and Illinois’ unemployment rate could increase depending on how companies choose to cope with higher costs.
