U.S. Sen. Richard Blumenthal (D-CT) is introducing a bill to prevent price gouging that might result from the Trump administration’s tariff policies.
President Donald Trump’s tariffs will push prices higher, according to the Yale Budget Lab. That’s why he has joined his colleagues in introducing the bill, Blumenthal said on Monday.
The bill gives the Federal Trade Commission and state attorneys general the ability to enforce a federal ban against excessive price increases, he said
“We need stronger scrutiny against those bad actors and price gougers. The law I’m proposing would in effect define price gouging as a deceptive and illegal practice under the FTC laws,” Blumenthal said.
Connecticut Attorney General William Tong says it gives my office more power to tackle price gouging.
“And give us the ability to protect consumers wherever they need protection, and not just in a narrow band when there is a declared emergency,” Tong said.
The Yale Budget Lab analysis finds that Trump’s current tariff rates are expected to increase food prices by about 3% and apparel as high as 18%; that’s the equivalent of about $2,400 a year for the average household.
