Kennedy voices fears over Trump's global tariff strategy
Despite supporting the tariffs imposed by Donald Trump, Republican Senator John Kennedy expressed serious concerns about their impact on the US 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 US from 180 countries. The rates vary: they start at 10 per cent, but for some countries, they are significantly higher. For example, European Union countries will be subjected to a 20 per cent tariff, while China faces 34 per cent. Vietnam received a substantial 46 per cent tariff, Taiwan 32 per cent, and Japan 24 per cent. Trump declared 2nd April 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 per cent 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 stated that even "late-night psychic hotlines" are more accurate in their predictions. One of the most frequently cited effects of tariffs in the US 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.
