Reed blames Trump's tariffs and Iran war for rising costs after jobs report
The Rhode Island Democrat said Trump's policies are fueling inflation and pushing up borrowing costs, and called for the country to "change course."
U.S. Sen. Jack Reed, D-R.I., blamed President Donald Trump's tariffs, trade policy and what Reed called "Trump's Iran war" for rising prices for American families, in a statement his office issued Oct. 2 in response to a monthly jobs report.
Reed's office said the report showed 29,000 jobs added, well below expectations of 90,000. The office called the report "dismal."
"President Trump's chaotic, reckless policies and unforced errors are directly raising costs for American businesses and families," Reed said. He described Trump's tariffs as a "costly tariff tax regime" that he said is "being paid for by Americans," and said Trump's trade wars are "shrinking markets for U.S. businesses."
Reed's office also argued that tariffs and war-related costs are costing average households thousands of dollars a year, and that Trump is pushing the country's strongest trading partners to look for markets elsewhere, hurting American companies and workers.
Reed said higher gas and diesel prices tied to the conflict with Iran are "adding fuel to the inflation fires."
He also criticized tax cuts in what he called "the so-called One Big Beautiful Bill," saying they are adding about $4 trillion to the national debt. Reed said benchmark 10-year Treasury yields have hit a 24-year high, which he said raises mortgage rates and other borrowing costs. His office also criticized what it called "chaotic Treasury interventions," saying they had increased interest rates rather than lowering them.
"The economic warning signs are flashing and it is time for America to change course, address the affordability crisis, and start governing in a more balanced, responsible manner," Reed said.
The release did not include a response from the White House.
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