Trump Tariffs Show GOP Aims to Make Working Class Fund 'Payday for Billionaires and Giant Corporations'

The national campaign Unrig Our Economy said Wednesday that U.S. President Donald Trump's promise of tariffs targeting the automobile industry, pharmaceuticals, and semiconductor chips is just the latest evidence that elected Republicans are prioritizing megarich individuals and corporations, not working people.

"This action is further proof that Republicans' top priority is making working- and middle-class families pay more for healthcare, lifesaving medications, food, cars, and electronics, all to fund more tax breaks for the ultrawealthy," said Unrig Our Economy spokesperson Kobie Christian in a statement.

The statement followed Trump discussing the forthcoming tariffs with reporters on Tuesday at his Florida residence, Mar-a-Lago. Bloomberg's Hadriana Lowenkron asked about his plans for new taxes on imports.

For the auto industry, "I probably will tell you that on April 2, but it'll be in the neighborhood of 25%," Trump said. For pharmaceuticals and semiconductors, he added, "it'll be 25% and higher, and it'll go very substantially higher over course of a year," giving those industries some time to set up U.S. factories to avoid the tariffs.

On April 1, "members of his Cabinet are due to deliver reports to him outlining options for a range of import duties as he seeks to reshape global trade," Reuters reported.

Trump's 10% tariff for imports from China has taken effect, but his 25% tariffs targeting Canada and Mexico have been delayed.

David Greene, an industry analyst at Cars.com, told CNN that "if the administration moves forward with a 25% tariff on all auto imports, car shoppers should get ready for some sticker shock at dealerships."

"If new car prices increase, more buyers will shift toward used vehicles, and as demand rises, so will prices," Greene said.

The president's latest comments on tariffs came after Republicans in the U.S. House of Representatives last week advanced out of committee a budget plan that would cut healthcare and food assistance programs to fund tax giveaways for the rich.

The Economic Policy Institute last week released a report detailing how extending the expiring provisions from the tax law that Republican lawmakers passed and Trump signed in 2017 "will have painful trade-offs for the U.S. economy and most Americans."

Christian said Wednesday that "even as the cost of everyday goods continues to rise and Trump and the billionaires in his administration arbitrarily cut programs that help feed children and seniors, Republicans in Congress are still pushing forward an agenda that would give billions in handouts to the wealthiest few, while leaving the rest of us behind."

"Our representatives in Congress need to look out for their constituents," the spokesperson added, "instead of prioritizing cost-raising tariffs to bankroll a massive payday for billionaires and giant corporations."