Warren, Merkley, Blunt Rochester Lead 19 Senators Pressing Trump on How His Chaotic Tariffs are Raising Americans' Housing Prices
“America is in the midst of a nationwide housing shortage … your reckless trade policies will only make the crisis worse.”
Washington, D.C. – Today, U.S. Senator Elizabeth Warren (D-Mass.), Ranking Member of the Senate Banking, Housing and Urban Affairs Committee, Senator Jeff Merkley (D-Ore.), Ranking Member of the Senate Budget Committee, and Senator Lisa Blunt Rochester (D-Del.) led 19 Senators in a letter to President Trump making clear how his chaotic, across-the-board tariffs are increasing housing costs for Americans already struggling to afford rent or achieve their dream of homeownership. Today’s letter follows last night’s Senate vote when almost every Senate Republican bent the knee to President Trump by voting against a resolution to end his tariff chaos.
“We write today amidst reports that your disastrous trade policies will raise housing costs for Americans. We demand that you immediately reverse course and refocus your attention on policies that will address our nation’s housing crisis—not exacerbate it,” wrote the Senators.
The Senators continued: “Your tariffs on aluminum, steel, appliances, and other materials will “undoubtedly” raise the cost of constructing new homes —by at least $7,500 to $10,000, according to the National Association of Home Builders. Analysts also predict that your tariffs will drive up home insurance premiums by “making repairs more expensive,” harming renters and homeowners alike.”
“Your tariffs and the economic uncertainty they are creating are also putting pressure on interest rates, which will increase the cost of home building even more while raising mortgage rates for families looking to buy a home,” the Senators wrote. “In early April, mortgage rates surged to their highest level in more than a month amid your various tariff announcements. If China retaliates against your tariffs by selling off U.S. Treasury bonds or U.S. mortgage-backed securities, that could also result in higher costs.”
Signers of the letter also include Senators Cortez Masto (D-NV), Gillibrand (D-NY), Heinrich (D-NM), Klobuchar (D-Minn.), Murray (D-WA), Luján (D-NM), Peters (D-Mich.) Reed (D-RI), Rosen (D-NV), Sanders (D-VT), Schatz (D-HI), Schiff (D-CA), Shaheen (D-NH), Van Hollen (D-Mary.), Warnock (D-GA), and Welch (D-VT).
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