Elizabeth Warren Shows Absolutely No Mercy To Trump Trade Rep Over Tariff Chaos

2 days ago

At today's Senate Finance Committee hearing, Sen. Elizabeth Warren (D-MA) questioned U.S. Trade Rep. Jamieson Greer about President Trump's tariffs.

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Transcript

00:00on these families. Thank you so much. Senator Warren. Thank you, Mr. Chairman.

00:06Donald Trump is single-handedly driving this economy off a cliff with no evidence to back

00:11about peace claimed emergency authorities to slap new tariffs on nearly every product we import

00:18from nearly every country. But Congress has the power to reverse these tariffs and we should do

00:25so immediately. Tariffs can be a tool to help build things in America, but Trump has slapped

00:33tariffs on then off, on then off again with no rhyme or reason. And the uncertainty about the

00:41long-term rules makes companies far less likely to invest in manufacturing or jobs here in the

00:49United States. If Congress doesn't stand up to Trump, economists predict a recession before

00:55the end of the year. And Fed Chair Jerome Powell says we're in a real danger of, quote, both

01:02higher unemployment and higher inflation. Translation, Trump's tariffs will push millions of workers

01:10out of jobs and push prices up at the same time. So Ambassador Greer, we've heard a lot

01:17of conflicting statements about whether these tariffs are here to stay, how many more rounds

01:22of on-off we're going to do. So let me ask the question from a different perspective. Ambassador Greer,

01:30we lost 700,000 jobs each month in the last recession. If 700,000 Americans lose their jobs,

01:41will the Trump administration suspend these tariffs?

01:45Senator, I think the economists who are making these projections, who often are in favor of fully

01:51unfettered free trade, are the same ones you said in the first Trump term, that putting tariffs,

01:55I don't think it's going to happen, Senator. Mr. Greer, let me just stop you there. I'm not asking about

01:58projections. I'm asking if the numbers show that 700,000 people have lost their jobs because of

02:08these new tariffs that Trump has slapped on, will the administration reverse course and lift those

02:15tariffs? Senator, that's not going to happen. We've lost 5 million manufacturing jobs over the years,

02:20which is the number I'm most worried about, and we have to get those jobs back. So I take that as a

02:24note. Let me try another one. Moody says that if the Trump tariffs remain in place, we will definitely

02:30plunge into a recession, which will ultimately cost three and a half million Americans their jobs.

02:38So Ambassador Greer, if Trump's tariffs push three and a half million people out of work,

02:46will the Trump administration reverse course and lift those tariffs? Senator, the Wall Street

02:52analysts are wrong. They never want to have any kind of change to the status quo, but that's who

02:56you're quoting to me, Senator. I'm giving you a number. If the number is three and a half million,

03:01if it never comes to pass, you don't have to worry about your answer. But if three and a half million

03:06people lose their jobs because of these tariffs, is the Trump administration prepared to lift them?

03:12Right now, this minute, we're working on negotiations with countries who believe they

03:17can achieve reciprocity with us and get their trade deficit down. And that's the emergency

03:21we're focused on. It's not going to be a situation where years from now we've lost millions of jobs.

03:25Let me try one more time. If Trump tariffs push workers out of their jobs and raise prices,

03:32as Fed Chair Powell has predicted, will you reverse course then?

03:38I think also with respect to Chairman Powell, who I don't know personally, but I know the

03:43president makes decisions on trade and he rarely takes advice from Chairman Powell on this. We found

03:48in Trump one that you could put tariffs on China and you could make it work and have a lower income,

03:52sorry, lower unemployment, lower in inflation and increase real median household income over time

03:58as we reshore. And that's what we have to do, Senator.

04:00What I'm hearing you say is that no one can hear a rhyme or reason to why the tariffs are off again,

04:05on again, off again, on again. But what you're telling us is the fact that hundreds of thousands,

04:11even millions of people could lose their jobs and that prices could go up will not be a factor

04:17for you or for Donald Trump for rolling those tariffs back. Look, if Republicans are serious

04:26about protecting American jobs and fighting inflation, then they can join Democrats right now

04:32to pass a resolution to fix Trump's reckless tariffs. This economy is teetering on the edge

04:40of collapse. We have the power right here in the Senate and over in the House of Representatives

04:46to take this authority away from Donald Trump. We can get this voted on. Senator Wyden and I have

04:53already entered or about to introduce the bill to do that. And if Republicans are serious about not

04:59playing the red light, green light with tariffs, but instead about protecting our economy, our

05:04families, our jobs and keeping prices low, then Republicans should join us on that. Thank you,

05:10Mr. Chairman. Senator Welch. Thank you. You know, there's a place for tariffs on China. Targeted tariffs

05:20tariffs makes some sense.

Elizabeth Warren Shows Absolutely No Mercy To Trump Trade Rep Over Tariff Chaos

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