Trump’s Chaos Will Send Energy Costs Through the Roof

Washington, D.C. – After Donald Trump spent months promising to lower energy prices, it’s taken him just a few weeks for his chaotic threats of tariffs against our allies, indiscriminate layoffs, and economic ruin to start doing the opposite. Experts and consumers agree: Trump‘s chaos will increase costs.

Climate Power Senior Advisor for Accountability Campaigns Alex Witt issued the following statement:

“Donald Trump is refusing to rule out a recession, indiscriminately implementing tariffs on our closest allies, and wrecking the financial security of working families across the country. Trump isn’t lowering energy costs like he promised: he’s running up the bill with his chaos and making Americans pay for it.” 

• Trump refused to rule out a recession due to his economic policies and says his tariffs are having a “tremendously positive impact.”
• More than half of U.S. adults say inflation is their biggest financial concern, and more than half believe inflation will increase this year. The consumer confidence index for February saw its largest drop in more than three years. “The fact that consumers don’t feel like it’s smooth sailing — you’ve got one very obvious suspect. That’s the White House, which is sowing uncertainty just about everywhere, whether it comes to trade policy or foreign policy,” Justin Wolfers, economics professor at the University of Michigan, told CNN’s Pamela Brown. “I genuinely understand why consumers are nervous and I hope this doesn’t turn out to be a self-inflicted own goal.”
• Both Morgan Stanley and Goldman Sachs are projecting higher inflation in 2025.
• ABC News: Recession risks are rising, economists say. Here’s what to know. “Experts who spoke to ABC News attributed rising recession risk largely to the Trump administration’s policies, especially recent tariffs.”
• Trump’s tariffs on steel and aluminum tariffs will be passed on to consumers in the form of higher energy prices, which is already happening in the Midwest. And Trump’s tariffs are already increasing the cost of upgrades to America’s power grid.
• Trump’s tariffs will mean up to $2,000 in increased costs and will amount to a tax hike of $1.4 trillion to $1.5 trillion over 10 years that would disproportionately hit the poor.
• Trump’s chaos is hurting American businesses with increased uncertainty.