WisGOP Research Update 11/11/25

November 11, 2025

President Trump’s Tariffs Work

• The President‘s policies are delivering results for working Americans: bringing down prices and creating trillions in new investments in the U.S. economy.

  • President Trump continues to prove economists, skeptics, and Democrats wrong.

• President Trump’s tariffs have added over $195 billion in revenue for the Treasury, hitting record highs.

  • Treasury data shows the U.S. budget deficit edged lower for 2025 as tariffs and debt payments both saw new records.

• September’s monthly surplus of $198 billion was the largest surplus of any September on record and 147% higher than last year.

• The U.S. Treasury collected a record $34 billion in October. If this pace continues, the U.S. would be on track for $400 billion over a full year.

  • Secretary Bessent predicts customs duty revenues from tariffs may end up topping $500 billion a year.

  • An analysis from the Congressional Budget Office found that President Trump’s tariffs will reduce total deficits by over $4 trillion over the next decade.

  • Tariffs are expected to raise $2.8 trillion through 2034 and grow the economy.

• A study by the White House Council of Economic Advisors (CEA) found that prices for imported goods have actually declined faster than prices for overall goods—confirming that tariffs have had little effect on prices.

  • A separate study by CEA found that U.S. goods inflation is lower than in other countries, pushing back on the narrative by commentators who have been quick to attribute the increase in goods inflation to trade policy.

• A study by the New York Fed found that inflation expectations are back down to pre-tariff levels.

• The most recent inflation data confirms American consumers are seeing little effect on prices from tariffs.

• Companies are once again investing in America with President Trump's policies, bringing a business boom back to the United States.

  
  

President Trump Is Fighting Every Day to Bring Down Prices

• Since day one, President Trump has fought to clean up the messes of the Biden administration that sent prices and inflation skyrocketing.

Thanksgiving Prices Are Lower Now Compared to One Year Ago

• The cost of a Thanksgiving meal has fallen by 2% to 3% this year compared to last year, according to a Wells Fargo Agri-Food Institute report.

• A Thanksgiving meal from Lidl is almost $10 cheaper than last year, and Aldi’s is $7 cheaper than last year.

• A Thanksgiving meal from Walmart is the cheapest it has been since 2019.

• Target’s Thanksgiving meal is at its lowest price ever, feeding a group of four for under $20.

• Schnucks announced its lowest Thanksgiving turkey price in more than 15 years.

• The wholesale price of a dozen eggs has dropped by 77%, or by $6.31 per dozen, since its March peak.

President Trump Has Brought Down Inflation From The Worst Rate in Half a Century Under Biden

• Inflation once again beat market expectations in September, remaining at a stable 2.5% average under President Trump, compared to 5% under Joe Biden.

• The 12-month change in overall shelter costs is at its lowest level in four years.

• Costs are down for motor vehicle insurance, used cars and trucks, communication commodities, propane, fresh fruits, nonprescription drugs, butter, apparel, and a host of other items.

Wages & Paychecks Are Up Under President Trump

• Inflation-adjusted private sector wages have risen by $1,151 under President Trump, after declining by nearly $3,000 under Joe Biden.

President Trump Is Fighting to Lower Housing Costs

National median rent has fallen for three consecutive months, with rent prices down nationally 0.9% compared to one year ago.

Households heated by propane or heating oil will pay less to heat their homes this winter than last winter.

The average 30-year fixed mortgage rate across the nation was 6.17% at the end of October, 12% lower than when President Trump took office in January 2025.

President Trump Is Working to Lower The Costs of Healthcare & Prescription Drugs

• President Trump has made unprecedented progress towards lowering drug prices for Americans by securing numerous “Most-Favored-Nation” drug price deals.

  • The deals announced already will dramatically reduce the prices of commonly used medicines, like inhalers, arthritis medication, and extremely expensive medicines, like those that help couples struggling with infertility and obesity.

• The Working Family Tax Cuts significantly expanded access to health savings accounts for those on Obamacare, which will provide up to ten million Americans access to a health savings account and provide tax savings that will help Americans better afford healthcare.

  
  

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