Beyer Statement on Anniversary of Liberation Day

Congressman Don Beyer (D-VA) today released the following statement on the anniversary of President Donald Trump's so-called "Liberation Day":

"A year ago, President Donald Trump stood before the American people to declare "Liberation Day," an expansive tariff regime he promised would revive American manufacturing and usher in a new economic "golden age" for America. Instead, Trump's reckless and chaotic trade war has delivered exactly what many warned it would: a self-inflicted economic disaster that is crushing American families and businesses.

"We were told that this massive tax hike would somehow lower prices for Americans and foreigners would pay the costs. Like with most Trump promises, this did not happen. The tariffs forced Americans to pay more for everyday essentials as companies passed along the costs, from groceries to household goods. According to estimates from a Joint Economic Committee analysis, families could wind up paying more than $2,500 each in tariff costs in 2026.

"Trump also assured us that the tariffs would lead to an economic boom. Unsurprisingly, this did not happen either. Over the last 12 months, U.S. tariff policy changed more than 50 times, with rates going up and down depending on the President's mood and his endlessly shifting set of grievances, making long-term planning and investment next to impossible. Companies across the country are scaling back hiring in the face of this mounting uncertainty or going out of business entirely, with small business bankruptcies rising 10% since last year and corporate bankruptcies increasing to their highest levels since 2020. The U.S. economy has, on balance, lost a total of 19,000 jobs in the last year. And instead of ushering in a manufacturing revival, Trump's tariffs have worsened a months-long slide in blue-collar employment. Manufacturing employment has declined nearly every month since 'Liberation Day,' with factory activity contracting for months as businesses pull back in response to these tariffs.

"The President's trade agenda has failed on its own terms. It failed to boost manufacturing, failed to reduce the trade deficit, and failed to deliver relief to working Americans. And yet, as Americans pay more for groceries, electricity, housing, and health care, my Republican colleagues in Congress continue to stand by and refuse to rein in these catastrophic tariffs."