On Anniversary Of “Liberation Day,” Leader Schumer & Senate Democrats Expose How Trump’s Global Trade War Is Crushing American Families, Small Businesses, & Manufacturing

Trump's Chaotic Tariff Regime Has Raised Prices, Killed Jobs & Injected Chaos Into The Economy

Read The Full Report Here

Washington, D.C. - Today, Senate Democrats continue their year-long focus on bringing down costs for families as Senate Democratic Leader Chuck Schumer (D-NY), Ranking Members Ron Wyden (D-OR), Ed Markey (D-MA), and Raphael Warnock (D-GA) release a new "Broken Promises" report exposing how President Trump's global trade war has raised costs for American families & small businesses, increased unemployment, and destabilized the US economy.

One year ago, on April 2^nd, 2025, President Trump declared 'Liberation Day' and thrust the United States' economy into chaos with sweeping tariff taxes on dozens of countries. Throughout his term, Trump has instituted - and frequently rescinded and then reinstated - tariffs on nearly 100 countries, including our close trading allies, like Canada and Mexico. Instead of reviving American manufacturing, it has only increased costs for American families and small businesses. Since Trump has taken office, families have paid nearly two thousand dollars more because of his tariff taxes. Small businesses have been hit hard by the uncertainty and higher prices and have shed hundreds of thousands of workers.

Today, Senate Democratic Leader Chuck Schumer (D-NY); Ranking Member of the Finance Committee, Ron Wyden (D-OR); Ranking Member of the Small Business Committee, Ed Markey (D-MA); and Ranking Member of the Finance Subcommittee on International Trade, Customs, and Global Competitiveness, Raphael Warnock (D-GA) released a new Broken Promises report exposing how Trump's trade war has directly caused higher prices for American families, wreaked havoc on small businesses and American manufacturing, rewarded special interests, and failed to secure any lasting trade deals.

This marks the fourth Broken Promises report Senate Democrats have released this year as part of a larger 2026 Costs Initiative, which is aimed at addressing the economic pressures facing working families and Trump's failure to make life more affordable. Senate Democrats have focused on the skyrocketing price of housing, the rising cost of groceries and household costs, and how Trump's policies have raised the price of energy.

The report also highlights how Senate Democrats are fighting against this disastrous trade war by forcing votes to terminate Trump's global tariffs, fighting to refund the illegally collected tariff revenue, and sounding the alarm as Trump uses his trade schemes to enrich himself and his billionaire friends.

"Trump has doubled and tripled down on his illegal and devastating trade war despite its primary achievement being higher costs for the American people. Trump instituted these tariffs with no Congressional oversight, no transparency, and no endgame. The result is only pain for consumers and businesses," said Leader Schumer. "Trump's trade war is just another broken promise to Americans who were desperate for relief but were sold out to special interests and self-dealings. Senate Democrats are continuing to fight for American families and workers and to bring down costs as Trump drives up prices, cuts jobs, and destabilizes our economy."

"Americans know Trump's trade taxes have been a price-hiking disaster. Trump is taking money out of the pockets of families walking an economic tightrope, by slapping huge taxes on groceries and other essentials. Trump promised his tariffs would lead to more manufacturing jobs and help small businesses," said Senator Wyden. "In reality, Trump's manic tariff policy is killing U.S. manufacturing jobs and making it impossible for companies to predict what's around the corner. It's time for Congress to step in, exercise its authority over trade, and axe Trump's tariffs."

"Trump's so-called Liberation Day was Obliteration Day for many small business owners and families in Massachusetts and across the country. One year since Trump's Obliteration Day, Main Streets have turned into Pain Streets. Small businesses and families were forced to pay billions in Trump's illegal tariff taxes," said Senator Markey. "We lost nearly 90,000 manufacturing jobs, small business bankruptcies jumped 10 percent, and the economy went tumbling. I will keep fighting alongside my colleagues and America's small businesses and families every single day to return every cent Trump illegally took to the American people and finally put an end to Trump's Pain on Main Street."

"The President's reckless tariff policies have been bad for the people of Georgia from the start. These policies have continued to make things worse during a time when Americans are struggling to get by," said Senator Warnock. "The President has failed in his promise to bring down costs, but I remain committed to making life more affordable for the people of Georgia and all Americans."

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