President Donald Trump is praising his own tariffs, declaring that their impacts have yet to be fully felt, and predicting that payments are about to “skyrocket” — just as the holidays approach and Americans are increasingly concerned about being able to pay their bills.
Consumer sentiment has fallen to a near record low, Bloomberg News reported on Friday, noting that views of personal finances are “the dimmest since 2009, and consumers remain frustrated about high prices and weakening incomes.”
“Consumers are anxious about the high cost of living and job security, with the probability of personal job loss climbing to the highest since July 2020,” Bloomberg added.
The Washington Post on Monday reported that “More Americans are getting their power shut off, as unpaid bills pile up.”
An October CBS News poll found that “inflation and the economy now rank as Americans’ top national concerns.”
Inflation remains high at 3.0%. The unemployment rate is now the highest it’s been in nearly four years. Prices for items like beef, coffee, and bananas have increased by double-digit percentages. Major corporations have announced plans to lay off thousands or tens of thousands of workers. And millions of Americans are seeing their health care premiums for next year skyrocket.
But President Trump on Monday appeared unconcerned, celebrating the “massive amount of money being made by the United States of America, Hundreds of Billions of Dollars.”
The “amounts payable to the USA will SKYROCKET,” he wrote, “over and above the already historic levels of dollars received. These payments will be RECORD SETTING, and put our Nation on a new and unprecedented course.”
Studies have shown that American consumers and businesses pay the majority of the tariffs and that that figure is expected to increase.
Trump also equated tariffs with national security, vowing, “this Tariff POWER will bring America National Security and Wealth the likes of which has never been seen before.”
And he had a message for his detractors.
“Those opposing us are serving hostile foreign interests that are not aligned with the success, safety and prosperity of the USA. They couldn’t care less about us.”
HuffPost White House correspondent S.V. Dáte responded to the president’s remarks: “Translation: Prices are about to get even higher.”