Trump tariffs raise concerns about the state of the economy
WASHINGTON (NEXSTAR) – New Trump tariffs are about to take effect and even as the trade wars cause economic anxiety, the president argues it will pay off in the long term.
The aggressive new tariffs are set to go into effect at midnight Tuesday and President Trump seems to be sticking by his plan, even suggesting further tariff hikes.
'We have an opportunity to reset the table on trade,' said Trump.
President Trump insists his steep new tariffs will bring balance to global trade.
'No other president's going to do this, what I'm doing. And I'll tell you what, it's an honor to do it, because we have been just destroyed,' said Trump.
The tariff plan is causing a global market meltdown, but the president sees some financial pain as necessary.
'I don't mind going through it because I see a beautiful picture at the end,' said Trump.
He's threatening to escalate the trade war even further warning he may raise tariffs on China to a total of 104% after the country said it planned to retaliate to the new tariffs by increasing its own tariffs on the U.S.
'The Trump tariffs are very reckless. The way it was done, it's a sledgehammer approach. they're not strategic, they're not targeted,' said Rep. Nanette Barragan (D-Calif.).
Lawmakers' reactions are mixed, with Democrats slamming the tariff's impacts.
'The economy is crashing and the stock market, people are losing their retirement savings right now,' said Rep. Robert Garcia (D-Calif.).
Many Republicans are defending the president's strategy while also expressing a desire for a quick resolution.
'I remain hopeful that a deal can be made on many of these tariffs that will avoid any negative economic consequences long term,' said Sen. John Cornyn (R-Texas.).
President Trump says he is open to negotiating on tariffs, but also says some tariffs may be permanent.
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