Durbin: If The Trump Tariff Tax Continues Unabated, It's Going To Destroy This Economy
In speech on the Senate floor, Durbin slams Trump Administration for implementing damaging trade policy that harms Americans
WASHINGTON – Today, U.S. Senate Democratic Whip Dick Durbin (D-IL) delivered a speech on the Senate floor about the Trump Administration’s thoughtless and hazardous approach to trade policy that has already caused uncertainty in the stock market. In the week following President Trump’s tariff announcement, the S&P 500 dropped by nearly 19 percent from its last high on February 19, bringing the stock market dangerously close to a bear market.
In his remarks, Durbin underscored that President Trump is damaging the U.S. longstanding relationship with its allies, including Canada, by waging this trade war.
“The Trump Tariff Tax started this week. It’s already changing not only the economy of the United States but the world. It’s been a reckless undertaking, creating pure chaos,” Durbin began.
“The damage Donald Trump has done to the international reputation of the United States is immeasurable. You see the leaders in these countries and what they’re saying. They thought they were close friends and allies of the United States, and now they appear to be adversaries and there’s a strategy underway to punish them,” Durbin said.
Durbin then described how the President’s actions have shifted the United States’ engagement with Canada and the European Union.
“I consider Canada not only a good neighbor, but a great neighbor, an ally of the United States, a partner of the United States… And to say now that we’re virtually in economic war with Canada is unimaginable. What is going on with this Administration?” Durbin said.
“The European Union will never be the same in terms of its relationship with the United States. I can’t blame them at all. They’re basically saying we cannot trust the United States’ leadership if Donald Trump can do this to us in a matter of weeks as the new President of the United States,” Durbin continued.
“We have seen the tariff in China go from 34 percent to 104 percent, and the Chinese are going to make us pay for that, as they promised they would. I’m not surprised. If the shoe were on the other foot, that’s exactly what we would be saying too,” Durbin said.
Durbin continued, urging his Republican colleagues to stand up against President Trump’s ill-advised trade war.
“What’s the difference here between making a speech on the floor of the Senate and actually doing something to impact this tariff war that Donald Trump has started. The difference is four – four members of the United States Senate on the Republican side,” Durbin said. “If any four will step forward and say, ‘Enough. We have a constitutional opportunity and responsibility when it comes to tariffs and our dealing with foreign countries. We, as four Republicans, will join with the Democrats in engaging in a bipartisan discussion of how to go forward from here.’”
“If four Republicans don’t step up, then Donald Trump will continue this tariff war at the expense of American business and American workers and American taxpayers. And our reputation in the world, that much is at stake,” Durbin said.
Durbin rebuked President Trump for announcing his tariffs and then leaving Washington to play golf at his country club in Florida as the stock market plummeted.
“President Trump signed off on these massive tariffs and went on to play golf at Mar-A-Lago. I don’t get it. This is the most serious economic and trade situation we have faced in modern times. Businesses are desperate… As best I can tell is that we are putting at risk our constancy, our reliability, and the trust of nations all around the world because of this undertaking,” Durbin said.
“If the Trump Tariff Tax continues unabated, it’s going to destroy this economy,” Durbin said. “If four of them [Republicans] will step up in the House and four [Republicans] in the Senate, we can make history together on a bipartisan basis and come up with something that’s thoughtful and avoids this terrible chaos and reckless conduct of this Administration.”
Video of Durbin’s remarks on the Senate floor is available here.
Audio of Durbin’s remarks on the Senate floor is available here.
Footage of Durbin’s remarks on the Senate floor is available here for TV Stations.
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