New Democrat Coalition Chair Brad Schneider (IL-10) and Trade & Tariffs Task Force Chair Don Beyer (VA-08) issued a statement following President Trump’s announcement of 25 percent taxes on all automobile imports and between 10 and 50 percent taxes on virtually every good imported from every U.S. trading partner:
“President Trump’s latest announcement of a massive tax increase in the form of sweeping tariffs will not ‘liberate’ working people or businesses in America – it will handcuff them to a sinking economy weighed down by the President’s reckless, costly, and destructive trade policy.
“The President’s premise that imposing the largest tax increase in American history will strengthen our economy and lower prices will undoubtedly prove to be one of the dumbest economic policy blunders in decades. These across-the-board taxes will hit the bank accounts of hardworking families and the bottom lines of small businesses as the price of every good increases, from consumer goods like gas, groceries, and cars to raw materials like lumber, minerals, and metals.
“President Trump has no clear strategy to strengthen our economy – his own team didn't even know his plan – and he sees these taxes on consumers not as a means to an end, but as the end goal itself. This approach simply ignores reality, and it's why industry leaders, economists, and the stock market have been sounding the alarm for weeks.
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