Weighing in on tariffs, ahead of Trump's ‘Liberation Day' announcement
PLATTSBURGH, NY (WVNY/WFFF) —
President Trump's 'Liberation Day' is set for Wednesday. That's when he plans to unvail his framework for more tariffs. Tuesday morning Sen. Chuck Schumer shared some economic data for what he said will be catastrophic for the North Country.
Shumer hosted a zoom meeting where he said that Trump's tariffs are a tax increase on upstate New York families and a new national tax on all Americans.
'It's a gut punch to upstate New York's economy… A gut punch,' said Schumer.
Plattsburgh's Republican Chair, David J. Soulier, IV does not agree.
'A lot of this is propaganda being pushed by Schumer and the radical left,' said Soulier. 'The reality is that these tariffs are needed to reset the American manufacturing industry and to put America on balance.'
Dr. Colin Read is an economics and finance professor at Plattsburgh State explained tariffs in their simplest form. Read said to think of tariffs the same as you would buying something at the store and paying sales tax.
'As soon as something crosses the border, an additional tax is added on that goes to the US Treasury, and then we ultimately pick up that tab as consumers of that product.' Said Read.
But according to Schumer, that tab could be considerably high. Schumer said the average family in upstate New York would see an annual cost increase of up to $6,500 for groceries, gas and other purchased goods. Read said that number may be high, but it's in the ballpark.
Soulier said that number lacks context and considering the increases we've paid in recent history, it may not be as bad as it seems. He also pointed out the goal of tariffs, which is to bring manufacturing jobs back to America.
The White House has been tight-lipped about what President Trump plans to unveil until Wednesday, other than it is related to tariffs. He is scheduled to speak in the rose garden at 4PM.
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