Blumenthal says Trump tariff proposal will drive up Connecticut energy costs
HARTFORD, Conn. (WTNH) — On Monday, U.S. Senator Richard Blumenthal will demand President Donald Trump rescind certain tariff proposals he says will drive up energy price for Connecticut consumers if implemented.
The focus here is tariffs on Canadian energy. Blumenthal said a significant share of our state's energy is sourced from there and these tariffs could send already high prices skyrocketing.
President Trump's new tariffs could impact Connecticut residents
He said this is troublesome for Connecticut consumers who already face some of the highest electricity rates in the nation, with an average cost of about 28 cents per kilowatt-hour compared to the national average of about 16 cents per kilowatt-hour as of December 2024.
Blumenthal said a big portion of Connecticut's electricity is sourced from Eastern Canadian hydropower, a cheaper alternative to higher priced natural gas.
He also said the 10 to 25 percent tariffs Trump is proposing on Canadian energy will directly impact electricity costs here in the U.S.
Public hearing on electricity rates held in Hartford
With taxes, that could add up to $165 million in annual customer costs, according to an estimate from ISO New England.
Sen. Blumenthal is set to discuss all of this at a press conference at 11:30 a.m. in Hartford.
Again, he's demanding President Trump rescind what he calls 'cost-increasing tariffs.'
He's also calling on the Federal Energy Regulatory Commission to block the implementation of these tariffs to protect consumers.
Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
12 minutes ago
- Yahoo
Stock market today: Dow, S&P 500, Nasdaq futures slide as Trump shakes hopes for an Israel-Iran truce
US stock futures retreated on Tuesday amid dwindling hopes for a quick resolution to Israel-Iran hostilities, as President Trump played down the prospect of a truce and air strikes continued. Dow Jones Industrial Average futures (YM=F) sank 0.5%, while those on the S&P 500 (ES=F) also fell 0.5%. Contracts on the tech-heavy Nasdaq 100 (NQ=F) also pulled back 0.6%. Overall, US stocks have so far proved resilient amid the conflict. The major gauges ended higher on Monday after a report that Iran is seeking a ceasefire and return to nuclear program negotiations. But Trump's overnight call for the evacuation of Iran's capital city amid a spike in Israel-Iran tensions has spooked markets worried about the risk of a descent into full-on regional war. The president's early exit from the G7 summit is also spurring fears of an escalation. Early on Tuesday, Trump rejected the idea he was working on a Middle East pause in hostilities, as suggested by France's President Macron. It "certainly has nothing to do with a Cease Fire. Much bigger than that,' he posted on social media. Pressed on what he was looking for, Trump said on Air Force One: "An end. A real end, not a ceasefire, an end." But the president did not provide more detail, including on next steps. Oil prices jumped nearly 2% as investors weighed the stream of remarks, with Brent futures (BZ=F) rising to almost $75 a barrel and West Texas Intermediate (CL=F) crude topping $73. At the same time, Wall Street is also grappling with concerns over Trump's trade policy and the direction of US interest rates. As the date for lifting the pause on Trump's sweeping tariffs approaches, US officials have used the G7 summit to pursue trade deals. The first completed deal emerged Monday, when Trump and British Prime Minister Keir Starmer signed off on the US-UK trade pact agreed in May. Read more: The latest on Trump's tariffs Meanwhile, investors will get fresh insight into how the economy faring amid tariff uncertainty with the release of May retail sales data, due at 8:30 a.m. ET. Wall Street is looking to the Federal Reserve's two-day meeting that starts on Tuesday for clues to whether policymakers still want to cut interest rates twice in 2025, given recent signs of cooling inflation. The Fed is expected to hold rates steady in its decision on Wednesday. Yahoo Finance's Hamza Shaban writes in today's Morning Brief newsletter: Read more here. A standout record-setting rally in gold (GC=F) is about to peter out, Citigroup strategists said as they forecast a slide back below $3,000 an ounce for the precious metal in coming quarters. Bloomberg reports: Read more here. Economic data: Retail sales (May); Industrial production (May); NAHB housing market index (June); Import price index (May) Earnings: La-Z-Boy Incorporated (LZB) Here are some of the biggest stories you may have missed overnight and early this morning: Investor optimism has squashed another downbeat catalyst Trump: EU not offering fair trade deal, Japan being 'tough' too Trump says he wants 'real end' to conflict, not just ceasefire Anne Wojcicki's 23andMe bid may not end DNA data lawsuit How a prolonged Israel-Iran conflict could speed up Fed rate cuts US solar stocks slammed after Senate changes to tax bill Trump says he will probably extend TikTok deadline again SoftBank sells T-Mobile stake for $4.8 billion to fund AI push Here are some top stocks trending on Yahoo Finance in premarket trading: T-Mobile US, Inc. (TMUS) stock fell 4% in premarket trading on Tuesday, after SoftBank Group Corp. (SFTBF, SFTBY) managed to raise $4.8B via the sale of T-Mobile US Inc. shares. The move is set to help fund Softbank's plans for artificial intelligence. Microsoft (MSFT) stock fell over 1% before the bell today following reports that the Big Tech's relationship with OpenAI has become "strained." Per The Wall Street Journal, OpenAI executives are weighing the option of whether to accuse Microsoft of anticompetitive behavior, according to people familiar with the matter. Solar stocks dropped in premarket trading Tuesday after Senate Republicans released a bill that would end tax credits for wind and solar earlier that other sources. The news caused SunRun Inc. (RUN) stock to drop by 28% and SolarEdge Technologies Inc. (SEDG) by 21%. US solar stocks have tumbled after a Senate panel released proposals for an early and full phase-out of solar and wind energy tax credits on Monday. The plan to remove credits by 2028 are among the several changes put forward by a Republican-controlled panel to President Trump's "big beautiful" tax and spending bill. Shares of Enphase Energy (ENPH), which makes solar inverters, dropped 17% before the bell. Meanwhile, solar panel seller Sunrun (RUN) tumbled 26%, while its peer SolarEdge Technologies (SEDG) sank more than 20%. First Solar (FSLR) pulled back 11%. Gold (GC=F) prices rose higher Monday night as the ongoing Israel-Iran conflict pushed risk-averse investors into safer positions, such as gold as a haven asset. Bloomberg reports: Read more here. Yahoo Finance's Hamza Shaban writes in today's Morning Brief newsletter: Read more here. A standout record-setting rally in gold (GC=F) is about to peter out, Citigroup strategists said as they forecast a slide back below $3,000 an ounce for the precious metal in coming quarters. Bloomberg reports: Read more here. Economic data: Retail sales (May); Industrial production (May); NAHB housing market index (June); Import price index (May) Earnings: La-Z-Boy Incorporated (LZB) Here are some of the biggest stories you may have missed overnight and early this morning: Investor optimism has squashed another downbeat catalyst Trump: EU not offering fair trade deal, Japan being 'tough' too Trump says he wants 'real end' to conflict, not just ceasefire Anne Wojcicki's 23andMe bid may not end DNA data lawsuit How a prolonged Israel-Iran conflict could speed up Fed rate cuts US solar stocks slammed after Senate changes to tax bill Trump says he will probably extend TikTok deadline again SoftBank sells T-Mobile stake for $4.8 billion to fund AI push Here are some top stocks trending on Yahoo Finance in premarket trading: T-Mobile US, Inc. (TMUS) stock fell 4% in premarket trading on Tuesday, after SoftBank Group Corp. (SFTBF, SFTBY) managed to raise $4.8B via the sale of T-Mobile US Inc. shares. The move is set to help fund Softbank's plans for artificial intelligence. Microsoft (MSFT) stock fell over 1% before the bell today following reports that the Big Tech's relationship with OpenAI has become "strained." Per The Wall Street Journal, OpenAI executives are weighing the option of whether to accuse Microsoft of anticompetitive behavior, according to people familiar with the matter. Solar stocks dropped in premarket trading Tuesday after Senate Republicans released a bill that would end tax credits for wind and solar earlier that other sources. The news caused SunRun Inc. (RUN) stock to drop by 28% and SolarEdge Technologies Inc. (SEDG) by 21%. US solar stocks have tumbled after a Senate panel released proposals for an early and full phase-out of solar and wind energy tax credits on Monday. The plan to remove credits by 2028 are among the several changes put forward by a Republican-controlled panel to President Trump's "big beautiful" tax and spending bill. Shares of Enphase Energy (ENPH), which makes solar inverters, dropped 17% before the bell. Meanwhile, solar panel seller Sunrun (RUN) tumbled 26%, while its peer SolarEdge Technologies (SEDG) sank more than 20%. First Solar (FSLR) pulled back 11%. Gold (GC=F) prices rose higher Monday night as the ongoing Israel-Iran conflict pushed risk-averse investors into safer positions, such as gold as a haven asset. Bloomberg reports: Read more here. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Washington Post
14 minutes ago
- Washington Post
Trump says he won't call Minnesota Gov. Walz after lawmaker shootings because it would 'waste time'
WASHINGTON — President Donald Trump said Tuesday that he he won't call Minnesota Gov. Tim Walz after the targeted shootings of two state lawmakers because it would 'waste time.' One of the lawmakers and her husband were killed. The Republican president spoke to reporters early Tuesday aboard Air Force One as he flew back to Washington after abruptly leaving an international summit in Canada because of rising tensions in the Middle East between Israel and Iran . Asked if he planned to call Walz, Trump said the Democratic governor is 'slick' and 'whacked out' and said, 'I'm not calling him.'
Yahoo
15 minutes ago
- Yahoo
‘He Can't Be': Doc Rivers Explains Why Donald Trump Isn't The 1 Insult Everyone Uses
NBA legend Doc Rivers isn't convinced by one common insult that's been hurled at President Donald Trump. During a wide-ranging conversation with MSNBC's Nicolle Wallace on her 'The Best People' podcast, Milwaukee Bucks head coach Rivers — a self-described Democratic voter — said he's heard Trump called a 'buffoon' so many times but just doesn't buy it. 'He can't be,' Rivers said. 'Because he's the president and he's won twice. And not only did he win twice, he's got 70 million people who believe the other way. So maybe we're the ones who are the fools, and we need to wake up?' Rivers criticized Democrats for losing discipline when it comes to taking on Trump, contrasting that with Republicans' ability to fall in line behind their leader. He also suggested it 'makes no sense' for Democrats to blame Trump voters for his victories, arguing the party needs to figure out how to energize its base. As for the 2028 election, Rivers said it's 'too early' to predict which Democratic politician might emerge as a contender. Rivers added that Republicans had pulled off 'the greatest marketing coup in the history of marketing' with their narrative about the economy, pointing out that statistics consistently show the economy performs better under Democratic administrations. Watch the full episode here: 'Atrocious': Eric Trump Slammed For 'Disgusting' Use Of Offensive Slur In Interview 'Good F**king Gawd!': Trump Ripped As Putin's PR Guy After G-7 Whine 'Like A Monty Python Skit': Trump's UK Trade Deal Moment Gets Super Weird In A Hurry
