Reporter: Donald Trump's tariffs are raising costs and hurting US businesses.
But Trump’s Commerce Secretary is claiming it’s not tariffs and prices are coming down.
If they won't acknowledge the problem, how can they fix it?
Washington, D.C. – United States Senator Elizabeth Warren (D-Mass.), Ranking Member of the Senate Banking, Housing, and Urban Affairs Committee (BHUA), released the following statement: “NVIDIA CEO Jensen Huang has spent the past year lobbying the President to greenlight the sale of advanced AI chips to China, which could turbocharge China’s military and undercut American technological leadership. He’s now sneaking in to meet with Senate Republicans behind closed doors as he kills the bipartisan GAIN AI Act and tries to muzzle states from passing laws that protect children, renters, and working families from getting exploited by AI technologies. Mr. Huang should be brought in to testify publicly and under oath – not pushing his agenda in secret meetings.”
Ranking Member Warren's statement on NVIDIA CEO Jensen Huang's closed-door meeting on Capitol Hill:
“Donald Trump’s 10-month failure to apply sustained pressure on the Kremlin has made it far more difficult to achieve a just peace for Ukraine. Instead of weakening the Kremlin’s negotiating position, Trump weakened our sanctions regime through inaction and delay while allowing China to profit from evasion and Russia to rebuild its war machine. Now he’s trying to force Ukraine to surrender and reward Russia by reintegrating it into the global economy. Congress must require a review of any proposed unwinding of U.S. sanctions imposed in response to Russia’s full-scale invasion, instead of letting Trump cede the rest of our critical leverage. Congress passed a bipartisan framework for this kind of review during the first Trump Administration, and it has a responsibility to do so again.”
Ranking Member Warren released the following statement on additional action Congress should take to support Ukraine:
Senator Warren Statement on August 2025 PCE “Donald Trump promised to lower costs on ‘day one’, but 250 days in and prices are still too high. President Trump’s chaotic tariffs are driving up costs, and American families are paying the price as groceries, rent, utilities, and health care get more expensive.”
Ranking Member Warren's statement on August 2025 PCE:
By removing basic controls on AI chips sales to China, Trump is selling out our national security to the highest bidder – and hurting American workers in the process.
Committee staff break down the risks here:
🔗 senatebankingdemocrats.substack.com/p/who-benefi...
Senator Warren Statement on August 2025 CPI Washington, D.C. – United States Senator Elizabeth Warren (D-Mass.), Ranking Member of the Senate Banking, Housing, and Urban Affairs Committee released the following statement: “Today’s data shows inflation remains high and families paid even more last month for basics like groceries, electricity, rent, and back-to-school supplies. President Trump promised to lower costs on ‘day one,’ but instead his chaotic tariffs and disastrous economic agenda are driving prices higher. Trump must reverse course — working families can’t afford three more years of broken promises and failed policies that benefit billionaires and raise prices for everyone else.” ###
Ranking Member Warren’s statement on August 2025 CPI:
Senator Warren Statement on the August 2025 jobs report “Today’s disastrous jobs report makes it increasingly clear that President Trump’s economic agenda is wrecking the labor market. There are now more unemployed people than job openings in the United States for the first time since the pandemic, Trump’s immigration policies are shrinking the workforce, and his chaotic tariffs are slowing down hiring. I’ve long been calling for the Fed to cut interest rates but the Fed has made clear that Donald Trump’s chaos has stood in the way. If Trump won’t reverse his harmful policies, the Fed should act to protect American jobs.”
Ranking Member Warren’s statement on the August 2025 jobs report:
Washington, D.C. – United States Senator Elizabeth Warren (D-Mass.), Ranking Member of the Senate Banking, Housing, and Urban Affairs Committee released the following statement: “Yesterday, the Fed held off on cutting interest rates. GDP data showed our economic growth slowed in the first half of the year. Donald Trump’s tariff threats and so-called ‘deals’ are driving up costs and creating chaos. The President should abandon his reckless policies.” ###
Ranking Member Warren’s statement on June 2025 PCE:
Washington, D.C. – United States Senator Elizabeth Warren (D-Mass.), Ranking Member of the Senate Banking, Housing, and Urban Affairs Committee released the following statement: "Today’s GDP data confirms slower economic growth through the first half of 2025 compared to the last six months before President Trump took office. Families are pulling back on spending and business investment is falling. When the Fed announces its interest rate decision later today, they’re expected to hold rates steady. Americans have had to pay more on mortgages, car loans, credit cards, and business loans for six months because of Donald Trump’s on-again, off-again tariffs, and now they’re going to have to wait some more.” ###
Ranking Member Warren's statement on 2025 Q2 GDP estimate and the upcoming FOMC decision:
What’s in the legislation? Learn more here: 🔗 www.banking.senate.gov/newsroom/min...
This is the first time the Committee is passing a housing bill in over a decade.
With this landmark bill, the Senate is taking a critical first step to bring down families’ number one monthly expense–housing costs.
NEW: Committee unanimously passed the ROAD to Housing Act.
Americans need affordable places to live – and they need them now.
Our new package will combat the housing crisis by making commonsense reforms to boost supply and bring down housing costs.
More below 🧵⬇️
🧵Housing is the #1 monthly expense for families across the U.S.
The Senate Committee on Banking, Housing, and Urban Affairs unanimously passed landmark legislation that will boost supply, reduce homelessness, and expand homeownership nationwide.
Senator Warren Statement on June 2025 CPI “For those saying we have not seen the impact of Trump’s tariff wars, look at today’s data. Americans continue to struggle with the costs of groceries and rent—and now prices of food and appliances are rising. Trump has announced even more tariffs, including 50% on Brazil and 30% on the European Union. Families were already getting crushed, and the President’s making it worse.” ###
Senator Warren Statement on June 2025 CPI
Why your cup of coffee costs more — and how Donald Trump’s chaotic tariff wars could push up coffee prices even further.
This and 5 other key pieces of economic data you should pay attention to:
🔗 senatebankingdemocrats.substack.com/p/6-key-piec...
Today Ranking Member Warren released principles for crypto market structure legislation.
WATCH: youtube.com/shorts/5g5xK...
WATCH: Fed Chair Powell and Senator Van Hollen agree student loans in this country need fixing.
Education shouldn’t be a risky investment.
Yet, Republicans are pushing to raise monthly student loan payments for millions of borrowers as delinquencies skyrocket. youtube.com/shorts/XQ7cY...
Ranking Member Warren's statement on May 2025 PCE:
Ranking Member Warren in the NYT:
“Whenever the regulations are loosened up the banks turn around and pump that money into dividends and share buybacks.
The last thing the Fed should be doing is weakening a rule that would cushion an economic blow.”
www.nytimes.com/2025/06/26/b...
I want to see interest rates come down.
If it wasn’t for Trump’s chaotic tariff war, they would already be down.
Donald Trump is standing in the way of lower costs for families.
www.youtube.com/watch?v=K9FY...
Senate Banking and Housing Democrats (@banking.senate.gov) is on Bluesky!
