More Lawmakers, Business Leaders Speak Out On Dangers Of Tariffs: “Exactly The Opposite Of What Americans Voted For”
As U.S. Trade Representative Jamieson Greer testified on Capitol Hill today, appearing before the U.S. Senate Committee on Finance Committee to discuss the Trump Administration’s trade policy, more and more voices are speaking out about the risks of blanket tariffs.
Amidst the pushback from Republican lawmakers and business leaders, Greer defended President Trump’s announcement last week to impose a baseline 10% tariff on all imports, as well as additional tariffs on dozens of countries.
The trade move is unprecedented and has been widely criticized as punitive and damaging to the economy. The growing chorus of voices have been increasingly anxious amid steep dips in the stock market, the probability of a recession increasing and costs of everyday goods growing for families – leading many to go on-the-record to voice their concern.
Read The Latest Pushback From Key Republicans:
Representative Don Bacon (R-NE): “The Constitution is clear – in the House and the Senate, Congress has the power of tariffs and taxes and we gave some of that power to the executive branch. I think, in hindsight, that was a mistake.”
Representative Mike Simpson (R-ID): “Uh, yeah. Obviously, everybody is concerned.”
Representative David Valadao (R-CA): “I’ve always been someone who supports giving power back to the Congress, the way our Founding Fathers originally designed … And this is one of those powers that belongs in the Congress, and we should be looking at that in, I think, a very serious manner.”
Senator Chuck Grassley (R-IA): “For too long, Congress has delegated its clear authority to regulate interstate and foreign commerce to the executive branch … Trade wars can be as devastating, which is why the Founding Fathers gave Congress the clear Constitutional authority over war and trade … As representatives of the American people, Congress has a duty to stop actions that will cause them harm.”
Senator Thom Tillis (R-NC): “We’re already hearing threats about curbing imports … Now we know pork’s going to be 34 percent more expensive … Anytime you get into an escalation of trade [barriers], it’s easy to see how the plays are going to be run. The question is do we have a new playbook given the very comprehensive nature of the tariff regimen that’s coming out.”
Senator Rand Paul (R-KY): “It’s very hard to overturn a veto … It doesn’t mean the battle isn’t worth having … But we have to, even if you’re supportive, question when millions of investors decided, ‘Wow, this thing is really going to screw up the economy,’ because these aren’t partisans … These aren’t dumb people. These are millions of people who all came to the same conclusion. I think we do need to be worried about it.”
Senator Ted Crux (R-TX): “I love President Trump. I am his strongest supporter in the Senate. I think he’s doing incredible things as president. But here’s one thing to understand: A tariff is a tax, and it is a tax principally on American consumers.”
Senator Mike Rounds (R-SD): “Unfortunately, it’s what we had expected might happen. We’re hopeful that the White House was prepared for this. If not, that’s not a good sign. If they were prepared for it, then they’ve got to be able to reassure the American people that there’s a path forward, that retirement accounts will be bouncing back. That’s what people want to hear. We’re not getting good financial news.”
Steven Moore, Former Economic Advisor, President Trump: “It’s a question of what the pain threshold is for the American people and the Republican voters … We’ve all lost a lot of money.”
Ben Shapiro, Podcast Host, The Ben Shapiro Show: “The president’s vision of international trade is, I’m sorry to say, mistaken. So this is a massive tax increase on American consumers. That’s what it is. And it is designed to be so. It’s probably unconstitutional … one of the biggest tax increases on consumers in history, predicated on a bad idea of how international trade works.”
Whit Ayers, Republican Pollster: “Trump was elected in part to lower inflation and juice the economy … higher prices and slower growth are exactly the opposite of what Americans voted for.”
Read The Latest Pushback From Business Leaders:
Larry Fink, CEO, Blackrock: “Most CEOs I talk to would say we are probably in a recession right now … One thing I would say for sure right now is the economy is weakening.”
Jamie Dimon, CEO, JP Morgan Chase: “The recent tariffs will likely increase inflation and are causing many to consider a greater probability of a recession.”
Bill Ackman, Founder & CEO, Pershing Square Capital Management: Calls President Trump’s retaliatory and reciprocal tariffs “a self-induced, economic nuclear winter.”
Gary Shapiro, CEO & Vice Chair, Consumer Technology Association: “President Trump’s sweeping global and reciprocal tariffs are massive tax hikes on Americans that will drive inflation, kill jobs on Main Street and may cause a recession for the U.S. economy. These tariffs will raise consumer prices and will force our trade partners to retaliate…”