Jittery Republicans Fear Trump Tariffs Will Cause 'Disaster,' Hike Prices
HuffPost
President Trump's deepening trade war with Canada, Mexico and China generated lots of anxiety among Republicans on Capitol Hill.
WASHINGTON — President Donald Trump’s trade war with three of America’s largest trading partners — Mexico, Canada and China — has unnerved congressional Republicans who worry about their constituents paying higher prices on goods and a broader downturn in the U.S. economy.
Stock markets plunged this week as Trump’s across-the-board tariffs took effect and China announced retaliatory levies on U.S. goods, including on exports from red states that supported the president. A total of $3.4 trillion in value was wiped out since the November presidential election.
“I think the tariffs will be a disaster,” Sen. Rand Paul (R-Ky.) warned in an interview with HuffPost on Tuesday. “We still have a significant amount of inflation lurking around. Now we’re going to get price increases on top of that.”
Sen. Chuck Grassley (R-Iowa) suggested he would be seeking an exemption for his state, which is a leading producer of corn, soybeans and pork in the United States. Farmers in Iowa and other states rely heavily on Canadian potash, a key fertilizer ingredient, for their crops.
“Potash coming from Canada would be 25% higher,” Grassley said. “I assume I’m going to hear from farmers to contact the secretary of commerce to try to get a waiver.”
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The cuts would come through a mix of layoffs, attrition and incentivized buyouts, according to two people familiar with the situation and not authorized to speak on the record.
President Trump's deepening trade war with Canada, Mexico and China generated lots of anxiety among Republicans on Capitol Hill.
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