Leader Schumer Floor Remarks On The Dire Economic Impact Of Donald Trump's Trade War And The Consequences For American Families
Washington, D.C. – Senate Democratic Leader Chuck Schumer (D-NY) today spoke on the Senate floor about the economic uncertainty facing Americans because of President Trump's trade policies, which have caused market instability and rising inflation, despite his promise of “a Golden Age on day one”. Below are Senator Schumer’s remarks, which can also be viewed here:
Donald Trump promised Americans a Golden Age on day one.
Well, today is day fifty. And Americans are wondering, scratching their heads, where is this Golden Age?
You can’t find this Golden Age in inflation numbers, because inflation has gone up under Donald Trump, from groceries to retail to cars. The idea he campaigned on – that prices will be going down on day one – is by the wayside. That's for sure.
You can’t find this Golden Age in the stock market either.
We know the stock market is Donald Trump’s favorite measuring stick. But right now – because of him, his actions, his erraticness – he markets have plunged, and therefore people’s retirement accounts have been thrown into chaos.
Yesterday the Dow fell by almost 900 points, 2%.
The S&P 500 plunged 2.7%.
And the Nasdaq Composite fell by 4%.
Why is this happening? One of the reasons is the president’s tariffs on Canada and Mexico.
But the other is pure chaos – no stability, no certainty for businesses, total confusion in the economy. One thing businesses tell us is that they want certainty and they want stability. One thing they're getting from Donald Trump is uncertainty and chaos.
And because this foolish and chaotic trade war is on again one day, off again the next day, Donald Trump has single handedly poured a bucket of ice water on the economy.
Donald Trump thinks he can just yack “oh I’m for it,” then the next day “I’m not for it.” But businesses can’t plan that way. If they think there is a chance he'll come back and do it, they do plan, they don't buy, they don't go forward.
Businesses right now are in a state of total confusion. They have no idea what Donald Trump is going to do next. Is he going to impose tariffs today? Tomorrow? Next month? How big will they be? What countries? What products? Every day you here a different answer on something that's so important to the American economy and the world economy.
American consumers are also anxious. If you don’t know what tomorrow will bring, you’re going to spend less.
Donald Trump himself knows that tariffs will hurt working families.
When asked on Fox Business about the possibility that his tariffs could trigger a recession, he refused to even downplay the possibility it could happen.
This was a rare moment of truth from Donald Trump. He said, yeah, my tariffs may cause a recession. And then he seemed to say – with his body language – who cares? It’s amazing.
The guy who said he'd lift the economy not only is beginning to cause the beginnings of an economic downturn, but he seems to be proud of it. Wow. Is that what America bargained for? I don't think so.
When Donald Trump says there's “a period of transition,” it is just gibberish. What Donald Trump means when he says “period of transition” is that “I will hurt you slowly instead of all at once.” It means “yes, my tariffs will raise prices on the American people.”
Donald Trump knows his tariffs could wreck the economy, but he’s doing it anyway, all so he can use the income from tariffs to pay for tax cuts for billionaires, his north star.
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