During remarks on the Senate floor Tuesday, Senate Minority Leader Chuck Schumer (D-NY) spoke about the stock market plunging amid uncertainty surrounding President Trump's tariffs.
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NewsTranscript
00:00And more trouble for the Trump administration. The Trump economy.
00:06Donald Trump promised Americans a golden age on day one.
00:10Well, today's day 50, and Americans are wondering, scratching their heads,
00:15where's this golden age?
00:17You can't find this golden age in the inflation numbers,
00:20because inflation has gone up under Donald Trump, from groceries to retail to cars.
00:27The idea that he'd said in the campaign, prices will begin going down on day one,
00:31that's by the wayside, that's for sure.
00:34You can't find this golden age in the stock market, either.
00:37We know the stock market is Donald Trump's favorite measuring stick.
00:42But right now, because of him, his actions, his erraticness,
00:47his own actions have plunged markets, and therefore people's retirement accounts, into chaos.
00:54Yesterday, the Dow fell by almost 900 points, 2%, the S&P plunged 4%, 2.7%,
01:01and the Nasdaq composite, the tech composite, fell by 4%.
01:08Why is this happening?
01:10One reason, President's tariffs on Canada and Mexico.
01:15But the other is pure chaos.
01:17No stability, no certainty for businesses, total confusion in the economy.
01:23One thing businesses tell us, they want certainty and they want stability.
01:29One thing they're getting from Donald Trump, uncertainty and chaos.
01:35And because starting this foolish and chaotic trade war, on again one day, off again the next day,
01:42Donald Trump has single-handedly poured a bucket of ice water on the economy.
01:47Trump thinks he can just yak.
01:50Oh, I'm for it, and then the next day I'll say I'm not for it.
01:54But businesses can't plan that way.
01:56If they think there's a chance he'll come back and do it, they don't plan, they don't buy, they don't go forward.
02:01Businesses right now are in a state of total confusion.
02:06They have no idea what Trump is going to do next.
02:09Is he going to impose tariffs today, tomorrow, next month?
02:13How big will they be? What countries? What products?
02:17Every day you hear a different answer on something that is so important to the American economy and the world economy.
02:24American consumers are also anxious.
02:27If you don't know what tomorrow will bring, you're going to spend less today.
02:32Donald Trump himself knows that tariffs will hurt working families.
02:37When asked on Fox Business about the possibility that his tariffs could trigger a recession,
02:43he refused to even downplay the possibility it can happen.
02:46This was a rare moment of truth from Donald Trump.
02:48He said, yeah, my tariffs may cause a recession.
02:52And then he seemed to say, the body language said, who cares?
02:58Amazing. The guy who said he'd lift the economy not only is beginning to cause the beginnings of economic downturn,
03:07but he seems to be proud of it.
03:10Wow. Is that what America bargained for? I don't think so.
03:16When Donald Trump says there's an utter period of transition, it's just gibberish.
03:21What Donald Trump means when he says period of transition is that I will hurt you slowly, not all at once.
03:29It means, yes, my tariffs will raise prices on the American people.
03:37Donald Trump knows his tariffs could wreck the economy, but he's doing it anyway.
03:43All so he can use the income from tariffs to pay for tax cuts for billionaires, his North Star.