Chuck Schumer Tears Into Trump For Raising Costs For US Consumers As Mass-Tariff Deadline Looms

Forbes Breaking News

During remarks on the Senate floor Thursday, Senate Minority Leader Chuck Schumer (D-NY) spoke about President Trump's tariffs.

Transcript

00:00announced what he called a deal with South Korea, and it's very similar to the deals we saw with

00:06Japan and the European Union. It's all talk, no substance, all hat, no cattle, and raises the

00:15costs for average Americans. Now, instead of levying a 25 percent tariff as he threatened,

00:21Donald Trump says South Korea will face 15 percent tariffs, and then he pretends like that's some

00:27kind of victory. 15 percent is far from a victory because it is American families who are ones who

00:33are going to have to pay for it in the end, and raising your prices by 15 percent on imported

00:40goods, that's a lot of money to a lot of people. In fact, we got some more news this morning.

00:47According to the Federal Reserve's preferred inflation gauge, inflation continues to accelerate

00:53as Trump tariffs continue to hammer American pocketbooks. That means Americans are paying

01:00more. Inflation goes up, the American family pays more. That's because, in part, of Donald Trump's

01:11tariffs. That sure doesn't sound like a golden age to me. And just like the supposed deals with Japan

01:19and the European Union, Donald Trump has claimed that South Korea will invest billions towards the

01:27U.S. The problem is there's no way to enforce what Donald Trump is saying. It's just talk, more talk,

01:34no action. That's all he does. When he announced his deal with the EU, for instance, the EU immediately

01:41said there's no way they're going to be able to meet the kind of investments Donald Trump was

01:46bragging about. The EU stated publicly the agreement was non-binding and there was no plan to back it

01:52up. So on day one, Donald Trump talks about some huge number that'll be invested in America. And the

01:59next day, the people who say they're investing say, no way, it's not happening.

02:05The same thing happened with Japan. In Japan, they said, and after Donald Trump announced 500

02:12billion dollar investment that they will only be able to invest two percent of what Donald Trump

02:18bragged about. So listen to what the the negotiators from the other side say the day after Trump puts

02:27out his braggadocio. If they're being totally honest, the Europeans, the Japanese, the Koreans would

02:32announce that day that what Donald Trump is saying isn't true, but they're announcing it the next day

02:37and people hear it. It's so typical of Donald Trump. He makes bold promises, talks a big game,

02:45but when reality sets in, he changes the goalposts, makes excuses, lies about what he's done,

02:52and then the American people are left paying the price because his policies hurt them. And it may get

02:57worse. At midnight tonight, unless Trump changes course, a slew of tariffs will come into effect for

03:04dozens of countries that include America's most important trading partners. Four months since

03:10Donald Trump's so-called Liberation Day, his trade war has been an experiment in chaos, dishonesty,

03:19and inflation. Donald Trump has launched America against the rest of the world without a clue,

03:25it seems, of what he's trying to do. He seems to make it up every morning when he wakes up,

03:30and if what he says two days later contradicts what he said previously, he doesn't care.

03:35Lying doesn't matter to him, and he doesn't believe the American people will see through it, but they do.

03:43Americans are left paying, meanwhile, more of out-of-pocket expenses for everyday goods. It's

03:49estimated the average household pays $2,400 a year extra. That sure doesn't sound like a golden age to me.

03:56And more problems. The tariffs are affecting companies, businesses, large and small.

04:03Yesterday, Ford said that Donald Trump's tariffs will cost the company $2 billion. $2 billion!

04:11And that is certainly going to be passed on to the consumers. Imagine what that $2 billion could

04:17do if there weren't the tariffs. Ford might have hired more workers, invested in more plant.

04:23What Donald Trump is doing? Costing Ford $2 billion? Costing companies billions more? That doesn't

04:31sound like a golden age to me. Amazon, Walmart, popular toy companies, and other retailers say

04:37price hikes may very soon happen. That's where everybody shops. Americans are going to pay more

04:43for their groceries, more for their toys, more for their clothes, more for their cars. As families get ready

04:49to send their kids back to school, they're facing the pinch as the cost of clothes and pencils and

04:56backups and all that kind of stuff goes way up. Doesn't sound like a golden age to me.

05:02So Donald Trump can stay in his bubble. He can pretend like 15% tariffs on our biggest partners are a

05:09cause for celebration. But Donald Trump should ask the American people if 15% more for everyday goods is a

05:17victory. He won't like what they tell him.

Category

Transcript

Be the first to comment

Recommended