President Donald Trump’s expansive new tariffs flips on its head a decades-long global trend of lower trade barriers and is likely, economists say, to raise prices for Americans by thousands of dollars each year while sharply slowing the U.S. economy.
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00:00How are you feeling about the tariff announcement from yesterday, sir?
00:02I was there. I'm excited.
00:04Here we have a president who gives a damn about American jobs.
00:07That's exactly what this is.
00:08I'm sick and tired of the rest of the world taking advantage of our workers and our companies.
00:13So the rest of the world, they want to put barriers up to our companies,
00:17which impacts American jobs. That has ended.
00:20They should reduce their tariffs to zero.
00:22Stop making it difficult for American companies to compete.
00:25Look, I believe in trade.
00:27When I was governor of Florida, I did 15 trade missions.
00:29I want trade. I think it's really good for our country and it's good for other countries.
00:34But this idea that other countries can make it difficult for an American company to be successful,
00:38all they're doing is reducing American jobs.
00:41We've had 90,000 factories move out of this country since NAFTA.
00:45It may have worked for the elites and the governing class
00:48and the people who get rich in northern Virginia around here,
00:50but it hasn't worked for real people.
00:52So we're going to have balance.
00:54We're going to actually tell these countries,
00:56you've been ripping us off, and we're going to treat you like you treat us.
00:59So I think if you combine that with tax policy of making these tax cuts permanent for working folks,
01:04you combine that with energy dominance, you combine that with regulatory reform,
01:08you combine that with not paying illegal immigrants taxpayer dollars with a fair trade policy,
01:13we're going to have prosperity in this country.
01:15So, I mean, paying attention to the stock market this day versus the next day,
01:18and we could talk about 10-year treasuries.
01:20That actually looks pretty good right now.
01:22But I think that that misses the point.
01:24We need a much broader vision of actually taking on the forces
01:29that have worked against working people for generations.
01:32I think it's heading us toward a catastrophic economic downturn,
01:38a recession along with disastrously rising prices.
01:43I'm seeing already my constituents in Connecticut fearful, angry,
01:49deeply troubled by potential job losses
01:52as well as higher prices for everything from gas to groceries.
01:56You've probably never heard of the Manufacturing Extension Partnership.
02:01It helps small and medium manufacturers thrive.
02:05It helps them fix and improve their manufacturing processes and be more productive.
02:10And I just got noticed last night that it's been shut down, canceled, cut, defunded,
02:17like so much else that this cloud of locusts known as doge has destroyed.
02:21The impact for states all over the country, for small and medium manufacturers
02:26who are critical to our competitive future of this, I think, ill-conceived,
02:31poorly executed, last-second cut will be lasting.
02:35President Trump's whole justification for slapping tariffs on our closest partners and allies
02:41is to bring manufacturing back to the United States.
02:45And at the exact time that he is harming our relationships around the world,
02:50making costs higher for working Americans,
02:53this program that helps small and medium manufacturers grow has been eliminated.
02:57They don't know what they're doing, and the consequences for our economy,
03:01for costs, for our families and communities will be harmful and lasting.