Jimmy Panetta: Trump's Tariffs Would Be 'The Largest Self-Inflicted Wound To Our Economy In Our History'

2 days ago

During a House Ways and Means Democrats press briefing on Thursday, Rep. Jimmy Panetta (D-CA) spoke about President Trump's blanket tariffs.

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Transcript

00:00Thanks, Susan. Thanks, ranking member Neil. And of course, thanks to ranking member Sanchez.

00:05Obviously, I'm very proud to be here today. I'm proud to be on the Ways and Means Committee,

00:10proud to be on the Ways and Means Trade Subcommittee. But I'm definitely proud of our performance

00:15yesterday on the Democratic side and our work during the hearing with Ambassador Greer,

00:21in which we were able, it's kind of easy to a certain extent, to make apparent how damaging,

00:28how destructive, how dumb Trump's tariffs are, not just to our economy, but to our global economy,

00:35not just to our financial security, but also to our national security. It would be, if these tariffs

00:43are imposed, the largest self-inflicted wound to our economy in our history. And so I'm glad

00:53that the president put a pause to the implementation of some of these tariffs,

00:58but clearly it's not over. It's not over because we have a president guided by his simplified scorecard

01:06thinking when it comes to trade and trade deficits and his 40-year fetish for tariffs.

01:12Now, it's demonstrated that that attitude is demonstrated in that the authority that he's

01:20using with IEPA. Now, past presidents have used IEPA, but only for sanctions and to freeze assets.

01:29Never, never to impose tariffs until President Trump. And that's why we're here today. That's why

01:37Representative Sanchez authored this bill and why we support this legislation. To reclaim

01:43congressional authority over tariffs. To take back our power that's granted to Congress under Article

01:511, Section 8, Clause 3 in the United States Constitution. This is about standing up to President

02:00Trump. To taking back our power and to stopping these types of tariffs that Trump will put in place.

02:07It's about reclaiming congressional authority. About members of Congress. Yes, on the Democratic side,

02:15but letting the Republicans know they need to step up as well when it comes to providing and ensuring

02:22that the American public have faith in this institution to do what's right. Do what's right when it comes to

02:29our economy, when it comes to working families, and when it comes to trade. That's why we're here today.

02:36Look, I told you I was proud to be a part of this committee and I was never as proud as when my colleague

02:41Stephen Horsford had the opportunity yesterday to catch, exactly, to catch Ambassador Greer

02:49completely off guard after the rug got completely taken out from underneath him and basically put him in the

02:56position that he deserved to be in, unfortunately for him. And so I'm proud today to introduce to you, Stephen Horsford.

Jimmy Panetta: Trump's Tariffs Would Be 'The Largest Self-Inflicted Wound To Our Economy In Our History'

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