Leader Schumer Floor Remarks On The Real Cost Of The Trump Tariff Tax On American Families
Washington, D.C. – Senate Democratic Leader Chuck Schumer (D-NY) today spoke on the Senate floor to further expose the real consequences of Donald Trump’s new wave of reckless tariffs on American families. Below are Senator Schumer’s remarks, which can also be viewed here:
I thank my colleagues for speaking this morning. We now continue to talk about Donald Trump's assault on American families. Last night, we talked about Medicaid. This morning, about taxes. Now, we'll move on to Donald Trump's dumb and costly tariffs – the Trump tariff tax.
After that, we will proceed then to talk about the need to stand up for our veterans and national security.
Then, on the unprecedented corruption and self-dealing that Donald Trump has unleashed in our government, helping his billionaire friends make money off the government to become richer.
And finally, on the existential fight to protect Social Security from the chainsaw of Elon Musk.
Now, on tariffs – the Trump tariff tax.
This week, Donald Trump made one of the dumbest decisions he’s ever made as President, and that’s saying a lot.
Instead of fixing inflation, which he promised to do, Donald Trump unleashed a wave of tariffs that will make inflation much worse.
And how do Senate Republicans respond to Trump’s tariffs?
By cutting Medicaid and giving billionaires a tax cut. That's why he's doing this.
Why would he raise the costs on American families by $5,000, as it's estimated? Simply because his very wealthy billionaire friends want a greater tax break.
Here's what Chairman Powell just said about the Trump tariff tax. Chairman Powell said, “it would increase inflation and slow growth.” And then Donald Trump responded, from his billionaire bubble, asking Chairman Powell to lower interest rates.
What planet is he on? The nonpolitical, nonpartisan chairman of the Fed says it's going to raise inflation and slow growth, and Trump says to lower interest rates. It's going to do just the opposite. That's what the chairman of the Federal Reserve said.
And what Donald Trump has created with these tariffs is a brutal pincer move, with American families trapped in the middle: Trump’s tariffs raise costs on one side, and Trump’s budget cuts rob people of health care, nutrition, Medicaid and more on the other. It squeezes in a pincer.
You know, there are smart ways to use tariffs and there are dumb ways to use tariffs.
Donald Trump is using tariffs in the dumbest way imaginable.
In fact, Trump slapped tariffs on penguins, but not on Putin. Yep, that’s true.
He sanctioned the Heard and McDonald Islands – only inhabited by penguins, but he left Putin’s evil Russia alone.
That’s what happens when you have no clue to what you’re doing.
You fire air traffic controllers, dismantle disease outbreak monitoring, sabotage Social Security and the VA, censor climate data, defund public schools, and now declare a trade war on penguins.
These tariffs are a massive tax hike, pure and simple.
JP Morgan, the conservative banking organization, called them “equivalent to the largest tax increase since 1968.” Everything is going to go up, my colleagues. This is 10% across the board plus a whole lot of other tariffs.
Fruits and vegetables at the grocery store, more expensive.
Clothing and shoes, more expensive.
Gasoline and new cars, more expensive.
Electronics like iPhones and TVs will be more expensive.
Donald Trump has singlehandedly started a financial forest fire.
Yesterday markets reported their worst day since the pandemic.
The Dow, S&P, and NASDAQ dropped 4, 5, and 6%.
Today is getting even worse. Because quite naturally, other countries – including China, and I have no love for China and its policies –put on a retaliatory tariff.
We could be going into the greatest trade war in history. We all know that the Great Depression was caused by a trade war like this, when Herbert Hoover slapped on these tariffs and the whole word responded and the Great Depression was worsened.
Donald Trump doesn't even know history. He hasn't learned history. But we could be on the edge of the greatest trade war the world has ever seen, and who will pay the price? The average American family. Because not only will prices go up, but the economy will decline. There are already estimates that a recession is more likely than before.
Today's actions by China make a recession even more likely. And the American people suffer, all because he wants to give tax breaks to the billionaires.
What a bubble these billionaires, including Donald Trump, live in.
How could they not understand how this affects American families?
He's imposing these tariffs, raising the cost on American families an average of about $5,000 – and the number will probably go up after what China did today – all to give tax breaks to billionaires.
The American people are learning this. They're realizing Trump is not on their side.
They're realizing that Donald Trump is not keeping any of his campaign promises, such as prices go down on day one.
They realize Donald Trump is betraying the working class, all for his billionaire friends.
###