At a Senate Finance Committee hearing on Tuesday, Sen. Ben Ray Lujan (D-NM) questioned US Trade Rep Jamieson Greer about President Trump's tariffs and their impact on Americans.
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00:00Senator Lujan. Thank you, Mr. Chairman. Thanks for holding this hearing. Now, Mr. Greer, it's been less than a week since President Trump started this, what I'll describe as a reckless tariff war. It certainly feels that way.
00:16Families are seeing higher costs. Businesses across the country are hurting, and we've seen one of the worst drops in the stock market in over 35 years. Do you believe that there's currently higher costs a week after the President put these tariffs into place? Senator, we haven't yet seen how those costs are going to be allocated between the foreign producers and their importers here. We haven't seen the data on that yet. Do you believe businesses are hurting a week after President Trump put these tariffs into place?
00:46I've heard from a lot of businesses. Some of them are excited about the prospects. Some are concerned because they're import dependent instead of U.S. product dependent. So I know there are varying views on this.
00:56Let me ask this question, because this one's based completely on fact, on something I think you look at every day. You probably have some of these numbers in your phone that I'm guessing might be in your pocket.
01:06Have we seen one of the worst drops in the stock market in over 35 years?
01:11We've certainly seen volatility.
01:12Have we seen one of the worst drops in the stock market in over 35 years?
01:19I think, and Senator Warner talked about this.
01:21We'll move on.
01:22Well, I know everyone's concerned about Wall Street, and I'm just concerned about Main Street and getting these jobs back, sir.
01:25Okay, let's talk about Main Street, Mr. Greer. Last time you were here, I asked if President Trump's trade war would hurt New Mexico businesses and families.
01:33You dodged my question.
01:34You told me, quote, I can't guarantee economic outcomes.
01:39When I pressed you, you told me that you want me to, quote, you asked me to, quote, hear from me on what the impacts of these tariffs are.
01:48Well, Mr. Greer, I'm here to tell you today New Mexicans are hurting.
01:51I understand why you would not guarantee that New Mexicans wouldn't be hurt because you probably knew what I thought then that we now see today that this is hurting people back home.
02:04Now, I want to ask you the same question again.
02:07Yes or no, will President Trump's tariffs harm New Mexican businesses and families?
02:13Senator, I just don't think they will.
02:15Right now, you have duty-free trade with Canada and Mexico where they comply with the rules, where they have U.S., Mexican, and American content.
02:23I mean, this is designed, and I would hope that being a border state, this is something that you find valuable.
02:28And that's what we're trying to do.
02:30We're trying to incentivize production in the United States.
02:32We want North America to be competitive.
02:35And this is, we can't have the status quo.
02:37We have to have a situation where we have manufacturing here, where we have foreign market access for our producers,
02:42and we want New Mexico families and companies and communities to prosper.
02:48Mr. Greer, do you agree with President Trump that families are going to have to feel a little pain?
02:54I'm not going to speak for the president.
02:56I'd ask for you to speak for him.
02:58I know none of you have the courage to stand up to him.
03:00What I'm asking you, Mr. Greer, is do you agree with what the president said about these tariffs in that people are going to have to feel a little pain?
03:09That's my question.
03:10If we have companies that feel pain because they're adjusting their supply chains,
03:14that more American product made by American workers, that's an adjustment we have to make to prepare for the future.
03:18We can't keep doing the same thing we always did.
03:21And if companies are having trouble adjusting their supply chains, which I'm very sensitive to,
03:25this is something that we have to deal with.
03:27We can't do nothing for four years like we saw under Biden where there was just nothing going on on trade.
03:30Let me ask the question a little differently.
03:32Yes or no?
03:33Do you agree with President Trump when he said families are going to have to feel a little pain?
03:39Of course I agree with the president, but I expect that the jobs we see for manufacturing is going to far outweigh anything.
03:45So look, economists are predicting that Trump's trade war is going to cost American families about $4,000 per year.
03:51I disagree with your assessment now in agreeing with Donald Trump that families should feel pain.
03:57When I asked you about the economic impact of families back home, you said, no, they're going to do great.
04:01Things are going to be wonderful.
04:03New Mexico should be appreciative of all these things.
04:06I guess pain is the kind of relief that you believe the family should be going through.
04:11I mean, it is what it is.
04:14As I've been saying to my colleagues here, I understand the outcome of this last election.
04:19Donald Trump is now the president of the United States.
04:21He won the election.
04:23My Republican colleagues in the Senate won the election.
04:25They controlled the votes in this chamber.
04:27They controlled the votes in the House.
04:28That's why we're seeing these budget resolutions.
04:30All I'm saying is own up to what you want to do.
04:33You want to do it.
04:34Just be honest with the American people about what's going on.
04:36I appreciate the time today, Mr. Chairman.
04:38I'll go back.
04:39The same economists who are crying out now were the ones who said we were going to crash the economy and Trump won.
04:46We put tariffs on China and real median household income went up for Americans by $7,000.
04:53Inflation went down.
04:54Unemployment went down.
04:55So we have history showing that we know how to use this.
04:57Mr. Chairman, since Mr. Greer went on, I will just follow up again.
05:00Then help explain the pain that people are feeling today with your assessment of what Donald Trump said,
05:06that families should feel some pain.
05:09That's all okay with you all?
05:10Senator, Senator, we're not going to be in a situation where we keep allowing Wall Street to run the economy.
05:17And as we're making that transition, companies will need to adjust.
05:20You know what, Mr. Greer?
05:20Let's spend a little time at the grocery store talking to some of my constituents back home.
05:23I'll take you around.
05:24We'll walk around.
05:25We're not going to give anyone a heads up.
05:26You just go do it.
05:27And let's see what the regular folks back home are doing, including the people that come and talk to me
05:31that say they voted for this president.
05:32This is not what they stand up for.
05:34Farmers and ranchers are getting the short end of the stick from USDA where these grants are being cut.
05:38And they say, oh, no, it's because we don't want to give people food.
05:41Baloney.
05:41You're cutting the lifeline for these farmers and ranchers as well.
05:45In addition to what's happening with these inputs with tariffs.
05:49Look, you all are a lot smarter than I.
05:50I'm just a regular person back home.
05:52I'm one of them.
05:54Senator Warnock.
05:55That's the difference between you and I, sir.
05:57Senator Warnock.
06:00Thank you very much, Brother Chair.
06:03Since President Trump announced his tariffs last week,