GOP senator warns of murky economic waters amid Trump tariffs
Despite supporting the tariffs imposed by Donald Trump, Republican Senator John Kennedy has expressed serious concerns about their impact on the U.S. economy. "In the long run, we're all dead," said the politician, as quoted by HuffPost.
Donald Trump signed an order implementing tariffs on goods imported into the U.S. from 180 countries. The rates vary. They start at 10 percent, but for some countries, they are significantly higher. For example, European Union countries will be subjected to 20 percent tariffs, while China faces 34 percent. Vietnam received a substantial 46 percent tariff, Taiwan 32 percent, and Japan 24 percent. Trump declared April 2 as "Liberation Day."
The sanctions do not affect Russia since, as explained by White House representatives, "the sanctions over the war in Ukraine have already reduced trade between the two countries to zero." A separate 25 percent tariff was imposed on cars, effective Thursday. Mexico and Canada are partially exempt from this.
Donald Trump introduces tariffs. Strong words from a Republican senator
The tariffs implemented by Donald Trump prompted a reaction from Republican Senator John Kennedy. "In the long run, we're all dead. Short run matters, too. Nobody knows what the impact of these tariffs is going to be on the economy," he stated in a conversation with CNN. Four Republicans voted against imposing tariffs. Kennedy was not among them but expressed concerns about Trump's policy.
What the president is saying is, if you want to sell stuff to Americans, move your business to America and hire Americans and contribute to our economy, don’t just sell stuff. In the long run, he’s right. But in the long run, we’re all dead - the Republican senator reiterated in an interview with Newsmax.
The senator from Louisiana added that he's heard both positive and catastrophic forecasts regarding tariffs from economists in Washington, but he stated that even "late-night psychic hotlines" are more accurate in their predictions. One of the most frequently cited effects of tariffs in the U.S. is increased inflation. However, Kennedy said he couldn't tell if it will occur. "We’re in uncharted waters and we don’t know. And anybody who tries to tell you that they know what the short-term impact is going to be is just lying," Kennedy added.
