President Donald Trump is facing pushback from some MAGA allies as he prepares to impose new tariffs on goods from other countries in what he’s calling ‘Liberation Day’ on April 2.
U.S. stocks fell dramatically when markets opened on Monday as the selloff continues around the globe as investors brace for the president’s latest action in the escalating trade war.
Republican lawmakers have been expressing concerns ahead of the deadline on Wednesday.
That’s when the president is expected to impose reciprocal dollar-for-dollar tariffs on countries that levy duties on U.S. goods.
Kentucky Senator Rand Paul has been leading the vocal GOP opposition to Trump’s tariff plans.
‘I think tariffs are bad for any country, and I think they’d be bad for America, and economically, I think it’ll hurt us,’ Paul said during an interview with radio host John Catsimatidis on WABC 770 AM’s ‘The Cats Roundtable.’
‘International trade since World War II has made us phenomenally rich. President Trump paints it another way,’ Paul explained on Sunday.
‘He says, “We’ve been taken advantage of,'” Paul argued. ‘But I really strongly disagree because trade has made us so rich and really has made the world a better place. The more we trade, I think the less we fight.’
Paul noted that the automobile manufacturers and the bourbon industry in his state oppose the tariffs.
Other Republican lawmakers were less willing to criticize the president directly ahead of his announcement but expressed concerns over how long tariffs would last and thus the impact on their states.
Montana Congressman Ryan Zinke went on CNN on Monday and said tariffs do represent an change in U.S. policy.
‘Montana gets hit more than anyone else,’ he said, noting that the state is a close trading partner with Canada as 86 percent of its trade is with the neighboring country to the north.
The congressman did not slam the president’s plans the way Paul has but he said he is hoping the tariffs are ‘short-term’ while making the U.S. less dependent.
‘I would prefer short-term tariffs and then longer term gains for America,’ Zinke said.
The Montana lawmaker said what Trump brings ‘is uncertainty.’ He suggested if the result is ‘an additional burden, longer term, I think there’s going to be pushback’ and that if it extends into the summer he believes it will be problematic.
While Trump has threatened tariffs, plunging the markets into turmoil, it’s not clear what exactly the tariffs will include or if there will be any exemptions.
The president said the reciprocal tariffs will hit all countries, not just the top ten to fifteen trading partners, when he spoke with reporters on Air Force One on Sunday.
‘There are many countries,’ he said, indicating it would be a far sweeping announcement beyond what some officials have suggested.
Trump administration officials insist the tariffs will help Americans.
But in a letter to the Trump administration ahead of the deadline, the International Fresh Produce Association (IFPA) warned tariffs would drive up the cost of fresh fruits and vegetables and urged an exemption.
Goldman Sachs economists estimated higher tariffs are likely to boost consumer prices ahead of the announcement and increased its year-over-year inflation forecast to 3.5 percent.
New polling this week from CBS News showed Americans believe the Trump administration is not putting enough focus on lowering prices.
64 percent said there was not enough focus on it while another 55 percent said the administration was putting too much focus on tariffs.
There has also been a reversal in how Americans believe Trump policies will impact them financially.
In January 42 percent believed his policies would make them better off financially. Now just 23 percent view his policies will make them better off while 42 percent believe his policies will make them worse off financially.
