Sen. Chuck Schumer warns Trump tariffs could hurt New York more than other states
As the Trump administration presses on with its plan for global tariffs, Sen. Chuck Schumer warns New York could get more financial blowback than other states.
After the rollercoaster week on Wall Street, Schumer said Sunday major industries in the Empire State are going to take a hit from President Trump's plan.
"Donald Trump has created chaos with these tariffs, and they affect New York almost worse than any other place because ... financial markets, tourism, we depend on exports and imports more than any other place. It's affecting all of America. If he puts these tariffs in effect, the average family will pay close to $4,400 more out of their pockets, the price of food and medicine and gas and clothing goes up. The average person who's put away money for their retirement, is saving with their 401(k) and stuff, could lose close to $100,000 and it's chaos," he said in an interview on CBS News New York's "The Point with Marcia Kramer."
Schumer supports "narrow" tariffs on China
The White House has criticized the Senate minority leader's take and pointed to his support for tariffs on China during the 1990s and early 2000s.
"Much different. I've always been a China hawk, and specific, narrow tariffs aimed at China and how they take advantage of us is a good idea. Trump didn't just go against China. [He went against] everybody," Schumer said. "Here's the problem. The way to put pressure on China is to get the whole world to go against them. Instead, Trump turned the whole world against us and with China. So it's a huge mistake. It's one of the most, chaotic, unthought through. Every day they had a different why they were doing tariffs. One day, get rid of the deficit. One day, bring manufacturing here. One day, so we can cut taxes on the billionaires."
Schumer said he hopes Congress steps in to reign in Mr. Trump's tariffs, but added it will take a bipartisan effort.
"We hope that Trump will see the error of his ways and we hope more Republicans will join us. Congress has jurisdiction over tariffs, and so Trump is really, presidents have always done it with Congress's acquiescence, but Congress can take back that authority. Maria Cantwell put together a bill, as I said it has six or seven Republicans. I put an amendment on the floor of the budget bill, saying the only tariffs that can go into effect are those passed by Congress. We would do it in a smart, Democrats and Republicans, in a smart, rational way, aimed particularly at the bad things China does," he said.
A new CBS News poll found most Americans believe President Trump's tariffs will raise prices. It also found more negative views on his handling of inflation and the economy. Still, Republicans in the poll tended to believe the president has a plan and that it will take months or longer to judge.
Click here to watch the full interview with Schumer, including a conversation about what motivated him to write his new book, "Antisemitism in America: A Warming."
