Former Pennsylvania Sen. Pat Toomey (R) said President Trump has “walked into a buzzsaw” with sweeping tariffs being rolled out this week, and contended that the new trade policy will lead to U.S. manufacturers laying people off in the process.
“The president has walked into a buzzsaw. It’s very obvious with within the financial markets his tariff proposals have wiped out $7 trillion worth of Americans' savings," Toomey said during his Monday appearance on CNN’s “The Lead.”
"And what’s coming very rapidly thereafter, it’s actually already begun, is going to be layoffs from American manufacturing firms that are no longer competitive because the inputs they have to buy are just being exorbitantly priced because of the tariffs.
“As they start announcing their layoffs, as prices start to rise for consumers, members of Congress are going to reach a breaking point,” the former GOP senator told host Jake Tapper. “And that’s where I think this is heading.”
The Trump administration has doubled-down on its approach to international trade, standing behind the new tariffs that are set to take effect on Wednesday despite the downturn of financial markets on Thursday and Friday last week and concerns over a possible recession.
White House senior trade adviser Peter Navarro tried to assure the public that the U.S. will not fall into a recession over the new tariffs, saying on Monday night that the market is “finding a bottom now, but it … look, here’s the thing … it’s going to shift over, and it’s going to be companies in the S&P 500 who are the first to produce here. Those are the ones are going to lead the recovery.”
“And it’s going to happen, Dow 50,000, I guarantee that, and I guarantee no recession, OK? Why? Because when we pass the biggest, broadest tax cut in history within a matter of months, that’s going to be a great stimulus,” Navarro said on Fox News.
The president argued the tariffs are necessary to offset the trade deficit the U.S. has with other nations and the new approach would eventually lead to increased domestic manufacturing.
On Capitol Hill, lawmakers are pushing through legislation that would require Congress to permit the president’s tariffs on U.S. trading partners. So far, seven Republican senators have signed on in support of the bill.
Toomey, who recently said that tariffs would lead to an increase in prices domestically, claimed that there are “far more” GOP lawmakers who are “concerned” about the tariffs.
The ex-Pennsylvania lawmaker said late last year that he would not vote for Trump or former Vice President Harris in the 2024 presidential election. Toomey was one of seven GOP senators who voted to convict the president during his second impeachment trial on charges of inciting an insurrection against the country.
Read More Details
Finally We wish PressBee provided you with enough information of ( Trump 'walked into a buzzsaw' on tariffs: Toomey )
Also on site :
- Gene Hackman Fans 'Disgusted' by Release of 'Private' Love Letters
- Trump Waved Off Israeli Strike After Divisions Emerged in His Administration
- Latest On Orioles’ Extension Candidates