Leader Schumer Floor Remarks On Donald Trump’s Trade Deal Lies And How His Tariff Tax Raises Costs On Working Families

Washington, D.C. – Senate Democratic Leader Chuck Schumer (D-NY) today spoke on the Senate floor on Donald Trumps’ tariffs and trade deals, which are announced at a whim, and in reality will raise costs on American families and the working class. Below are Senator Schumer’s remarks, which can also be viewed here:

Yesterday, Donald Trump announced what he called a deal with South Korea, and it is very similar to the deals we saw with Japan and the European Union. It is all talk, no substance. It is all hat, no cattle. And it raises the costs for average Americans.

Now, instead of levying a 25% tariff as he has threatened, Donald Trump says South Korea will face a 15% tariff, and then he pretends like that's some kind of victory. Fifteen percent is far from a victory, because it is American families who are the ones who have to pay in the end. And raising prices by 15% on imported goods is a lot of money to a lot of people.

In fact, we got some more news this morning: according to the Federal Reserve’s preferred inflation gauge, inflation continues to accelerate as Trump’s tariffs continue to hammer American’s pocketbooks. That means Americans are paying more. Inflation goes up, the American family pays more. That's because, in part, of Donald Trump's tariffs. That sure doesn't sound like a golden age to me.

And just like the supposed deals with Japan and the European Union, Donald Trump has claimed that South Korea will invest billions toward the U.S. The problem is there's no way to enforce what Donald Trump is saying. It's just talk – more talk, no action. It’s all he does.

When he announced his deal with the EU, for instance, the EU immediately said there's no way they're going to be able to meet the kind of investments that Donald Trump was bragging about. The EU stated publicly the agreement was non-binding and there was no plan to back it up.

On day one, Donald Trump talks about some huge number that will be invested in America. And then the next day, the people who say they're investing say no way, it's not happening.

The same thing happened with Japan. In Japan, they said, after Donald Trump announced a $500 billion investment, that they will be able to invest only 2% of what Donald Trump bragged about. So, listen to what the negotiators from the other side say the day after Trump puts out his braggadocio.

If they're being totally honest, the Europeans, the Japanese, and the Koreans would announce that day what Donald Trump is saying isn't true, but they're announcing it the next day, and people hear it.

It’s so typical of Donald Trump: he makes bold promises, talks a big game, but when reality sets in, he changes the goalposts, makes excuses, lies about what he's done, and then the American people are left paying the price because his policies hurt them.

And it may get worse: at midnight tonight, unless Trump changes course, a slew of tariffs will come into effect for dozens of countries that include America's most important trading partners.

Four months since Donald Trump's so-called “Liberation Day,” his trade war has been an experiment in chaos, dishonesty, and inflation.

Donald Trump has launched America against the rest of the world without a clue, it seems, of what he's trying to do. He seems to make it up every morning when he wakes up. And if what he says two days later contradicts what he said previously, he doesn't care. Lying doesn't matter to him. He doesn't believe the American people will see through it, but they do.

Americans, are left paying, meanwhile, more out of pocket for everyday goods. It’s estimated the average household pays $2,400 a year extra.

That sure doesn't sound like a golden age to me. And more problems: the tariffs are affecting companies and businesses, large and small.

Yesterday, Ford said that Donald Trump's tariffs will cost the company $2 billion. And that is certainly going to be passed on to the consumers.

Imagine what that $2 billion could do if there weren’t the tariffs. Ford might have hired more workers or invested in more plants. Instead, what Donald Trump is doing – costing Ford $2 billion and costing companies billions more – doesn't sound like a golden age to me.

Amazon, Walmart, popular toy companies, and other retailers say price hikes may very soon happen. That’s where everybody shops.

Americans are going to pay more for their groceries, more for their toys, more for their clothes, more for their cars. As families get ready to send their kids back to school, they’re facing the pinch as the cost of clothes, of pencils, of backpacks – those all go way up.

That doesn't sound like a golden age to me.

So, Donald Trump can stay in his bubble, he can pretend like 15% tariffs on our biggest partners are a cause for celebration. But Donald Trump should ask the American people if 15% more for everyday goods is a victory.

He won’t like what they tell him.

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