Elizabeth Warren demands answers on costs, economic impact of ‘illegal and reckless war’

Sen. Elizabeth Warren is demanding answers to economic questions about the Iran war, ticking off a list of questions about the impact on food, energy and retail costs, among other concerns, in a letter to administration officials Friday.

The liberal Democrat firebrand from Massachusetts ripped President Donald Trump, who he said was “dragging the United States into an illegal and reckless war” that would harm U.S. consumers, especially the middle and lower classes.

“I write today with grave concern that President Trump has weakened an already fragile economy and will continue to do so, pouring billions of dollars into a war that will raise prices, slow growth, and leave American families facing higher costs as they must foot the bill,” Warren said, according to a letter exclusively obtained by CNBC. he said.

Warren is the ranking member of the Senate Banking, Housing and Urban Affairs Committee.

Energy costs have risen rapidly since the start of the war three weeks ago. The benchmark global oil price is approaching $110 per barrel, while costs at the pump are approaching $4 per gallon, about $1 higher than a month ago. According to AAA.

Official government inflation figures are not yet available for March, but rising energy costs and transition effects are likely to increase prices at least as long as the war continues.

Warren described the effects of the war on energy, food and retail prices, and said the war had a broader impact in terms of economic uncertainty.

“The list of economic consequences goes on and on,” he wrote. “And it appears the Trump Administration has no meaningful plan to keep prices low or prevent shortages of the goods Americans need to work, go to school, and feed their families.”

Administration officials did not immediately respond to a request for comment.

The letter was addressed specifically to Treasury Secretary Scott Bessent, National Economic Council Director Kevin Hassett, and acting chairman of the Council of Economic Advisers Pierre Yared.

Warren asked buyers whether their organizations had done cost analyzes on the impact of the war before it started or made predictions about where prices would go through the rest of 2026.

Earlier in the week, Federal Reserve Chairman Jerome Powell did not directly address the war but said he expected energy prices to rise but was unsure of the long-term effects. The Fed voted to keep its benchmark interest rate steady, partly citing uncertainty over the war.