'This Is Going To Be Devastating': Trump's Tariffs Torched By Democratic Lawmaker

yesterday

On "Forbes Newsroom," Rep. Jason Crow (D-CO) slammed President Trump's tariffs.

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Transcript

00:00Here, Brittany, is money from Americans' pockets and from their retirement accounts.

00:04This is going to be devastating.

00:06I think it could risk a recession, is what a lot of economists are predicting.

00:09Prices across the board for every product, for vehicles, for eggs, for groceries, for

00:15housing, everything is going to go up, and it's going to go up very quickly.

00:20I am a proponent of targeted tariffs.

00:25Tariffs can be a really important tool when they're used as a scalpel to make sure that

00:30we have fair trade, to make sure that people are competing on a level playing field, but

00:37never have broad-based, complete tariffs like this ever effectively worked.

00:44That has been the widespread response.

00:46Tariffs are a tax on the American consumer, prices are going to go up, spending is going

00:50to shrink.

00:51Vice President J.D. Vance had a conversation today on the impact of tariffs, and he was

00:56asked about what seems to be the disconnect between what Wall Street is saying, what the

01:00markets are saying, and workers in the Rose Garden who were cheering President Trump on

01:04on Wednesday.

01:05He was also asked about Americans who are living paycheck to paycheck who are concerned

01:10about the tariffs, what he says to them, and this is in part what he said, quote, we will

01:14not fix things overnight.

01:16Joe Biden left us with the largest peacetime debt and deficit in the history of the United

01:20States of America with sky-high interest rates.

01:23You don't fix that overnight.

01:24We know people are struggling.

01:26We're fighting as quickly as we can to fix what was left to us.

01:29What do you make of his response there?

01:31Well, the largest deficit increases in the last few decades have actually happened under

01:36the Trump administration.

01:37The first Trump administration saw exorbitant increases in the federal debt and deficit.

01:43And in fact, his tax bill, his tax cut for billionaires in the top one percent is largely

01:50felt on the backs of middle class working Americans and the debt.

01:56His tax bill is going to increase the debt by several trillion dollars.

01:59So it's doublespeak is what it is.

02:01But, you know, the other thing that I've been hearing a lot of coming out of this administration,

02:04you know, all the all the CEOs, the billionaires that surround him in the White House, they

02:10say, oh, there's going to be short term pain for a long term gain.

02:14Listen, I grew up in a working class family.

02:17I worked construction to help pay my way through college.

02:21I started working when I was 15 at Arby's and McDonald's to help support my family.

02:27And you know, the people that I grew up with and around these folks largely lived paycheck

02:32to paycheck.

02:33And what I learned is that when people at the top and people in Washington are talking

02:37about short term pain, they're not talking about themselves, right?

02:42They're talking about everybody else.

02:43They're talking about the working folks.

02:45They're the ones that will feel the short term pain.

02:48They're the ones that won't be able to pay for their mortgage or their rent or groceries

02:51for their family, not the folks at the top.

02:54So I really don't want to hear it about short term pain.

02:57I want to make sure that we have a good solution for fair trade, that we reinvigorate our industrial

03:03base, that people can actually pay their rent or their mortgage at the end of this month.

'This Is Going To Be Devastating': Trump's Tariffs Torched By Democratic Lawmaker

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