On CNN, Karoline Leavitt was asked about whether or not President Trump might pull back on his tariffs before they go into effect.
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NewsTranscript
00:00McBoom. On taxes, JPMorgan just came out with an analysis in response to this tariff announcement
00:06saying that these tariffs will be the largest tax hike on Americans since 1968, a tax hike
00:13by $660 billion a year. What is JPMorgan missing? What are world markets getting wrong? What are,
00:22when you see stock futures down, what is everyone missing, including that local farmer in North
00:28Carolina? Well, they're missing the massive revenue that these tariffs are going to bring
00:33into the United States. Trillions and trillions of dollars in investment, which leads to more jobs
00:38in American communities, higher wages, more money in the pockets of hard-working Americans.
00:43But on the immediate, I mean, in the most immediate, I mean, these farmers, as Tom Sillis
00:48says, farmers are one crop away from bankruptcy. That farmer doesn't have time to wait for tariffs
00:56to work their way into the system, the benefit of it to work its way into the system at all.
01:03This is going to mean higher prices for Americans. In the most immediate, that's why I asked the
01:08question, how much pain on a temporary basis is okay? What's the standard that the president is
01:16looking at in terms of how much pain Americans can feel on a temporary basis that he's okay with?
01:23Again, the president is focused every single day on lowering the cost of living in this country
01:29while simultaneously implementing these very effective tariffs. Massive deregulation,
01:35energy boom, and tax cuts are the economic formula that will mean more prosperity and the lower cost
01:41of living. And it's a proven formula. Look at President Trump's first term and the results.
01:47When he left office, inflation was 1.4 percent. He implemented many tariffs in his first term
01:53that did bring in billions of dollars in revenue. In fact, the previous administration knew they
01:57were so effective, that's why they left them in place. So, again, the president is delivering
02:01on his promise to implement reciprocal tariffs while his administration is working hard every
02:06day to cut regulation, to reduce fraud, waste, and abuse in our federal government as well.
02:11And tax cuts are the next step of this economic agenda, which will lead to more investment,
02:15more money in our economy, more economic growth.
02:18One quick question, because I've heard it suggested. Is there any chance that the president
02:22will pull back on implementing these tariffs before they go into effect this weekend?
02:29The president made it clear yesterday this is not a negotiation. This is a national emergency.
02:34He's always willing to pick up the phone to answer calls, but he laid out the case yesterday for why
02:39we are doing this. And these countries around the world have had 70 years to do the right
02:43thing by the American people, and they have chosen not to. They have ripped off American
02:47workers. They have taken our jobs overseas. The president is putting an end to that yesterday.