In 2025, Sherman said he was “not too worried” about Trump’s tariffs even as the U.S. stock market crashed due to Trump’s escalating global trade war.
Tariffs are contributing to higher food prices and are hurting Iowa small businesses and farmers. In April 2025, Trump’s devastating tariffs cost Iowa businesses nearly $90 million.
April 2025: Sherman Dismissed Concerns About Trump’s Tariffs, Claiming Everyone “Knew That The Tariffs Would Have Some Ups And Some Downs,” But Said He Was “Not Too Worried.” According to the Washington Post, “Brad Sherman, a pastor and former state representative who has been running for governor as a Republican, predicted the state would continue trending Republican and expressed little concern about political backlash from Trump’s tariffs. ‘We all knew that the tariffs would have some ups and downs to it,’ Sherman said. ‘I’m not too worried about it at this point. There’s lot of other issues in Iowa that will affect the economy.’” [Washington Post, 4/24/25]
April 2-4, 2025: The U.S. Stock Market Crashed As Trump’s Tariffs “Escalated A Global Trade War And Wiped Out Trillions Of Dollars In Value.” According to NPR, “Wall Street plummeted for a second straight day on Friday, as President Trump's tariffs escalated a global trade war and wiped out trillions of dollars in value from the U.S. stock market. The two-day selloff served as the financial community's most brutal warning yet about the potential fallout of Trump's trade policy. Investors, businesses, and consumers are all expressing mounting terror about how these sweeping new taxes could upend the global economy.” [NPR, 4/4/25]
HEADLINE: “Grocery Inflation Highest Since 2022 As Trump Tariffs Pile Up” [Axios, 9/16/25]
HEADLINE: “Tariffs Cost Iowa Businesses $90M In April, New Report Says, A 304% Hike From 2024” [Iowa City Press-Citizen, 6/18/25]
Iowa Farmers For Free Trade: April 2025: Trump’s Tariffs Triggered A 304% Surge In Iowa Tariffs And Added Nearly $90 Million In New Expenses That Would Hurt Iowa Farmers And Businesses. According to the Iowa City Press-Citizen, “Tariffs are having a sweeping impact on Iowa's economy, costing importers $90 million in April, a 304% increase from the year prior, according to new research. The data was released by Iowa Farmers for Free Trade and aggregated by Tarifflation during a roundtable event on Tuesday, June 17, at the Cedar Ridge Distillery in Swisher. Iowa has the 11th highest change in the amount of tariffs paid between April 2024 and 2025. The report attributed the increase to President Donald Trump's ever-evolving tariff policies, with approximately $80 million from ‘executive actions.’ Import tariff costs from measures approved by the legislature have remained largely unchanged over the past year. The new data may not even capture the full impact on Iowa's economy since the Trump administration has paused the worldwide ‘reciprocal tariffs’ through mid-July. If those tariffs take effect, the report said, there could be ‘major consequences for Iowa businesses with extensive trade relationships around the world.’” [Iowa City Press-Citizen, 6/18/25]