During remarks on the Senate floor Thursday, Senate Minority Leader Chuck Schumer (D-NY) spoke about President Trump's tariffs.
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00:00Mr. President, this morning, Donald Trump's trade war strikes again.
00:06Walmart announced today it plans to raise prices in stores across America because of Donald Trump's tariffs.
00:15Here is what Walmart will say on its earning call.
00:18Quote, given the magnitude of the tariffs, even at the reduced levels announced this week,
00:24we aren't able to absorb all the pressure given the reality of narrow retailed margins. Unquote.
00:31Walmart's raising prices is a canary in the coal mine for the devastation Trump's tariffs will have on Main Street.
00:39If a retailer as big as Walmart can't escape the pain of tariffs, what chance do small businesses have?
00:47Their customers are inevitably going to see prices rise.
00:51Walmart's announcement is a glaring reminder that even after supposedly backtracking on some of his tariffs,
00:57significant damage will not go away.
01:02The chaos he's unleashed is eating away at retailers, restaurants, small businesses, and middle-class families' wallets.
01:10It's still estimated these tariffs will cost thousands of dollars for each family each year.
01:16Donald Trump's tariffs are nothing more than a tax hike on consumers.
01:21I am supporting legislation with Jamie Raskin to require large retailers to start displaying clearly to customers
01:33precisely how much tariffs are contributing to the total price of products.
01:38Americans deserve transparency.
01:41If Trump's tariffs are causing prices to go up, no fault of the retailer, the American consumer ought to know it.
01:50Walmart should start displaying in their stores and online how much tariffs actually contribute to the final price of their goods.
01:57So should all other big retailers.
01:59America should know how Trump's tariffs are hurting them.
02:02People understand it, are beginning to understand it, but this display will just hit it home every time they buy a good.
02:11It shows you how destructive and chaotic Donald Trump's trade war has been.
02:18He should backtrack, totally backtrack, before we enter a recession.
02:23Specific tariffs that deal with how China treats us, the Chinese government, the Chinese economy treats us,
02:30that's fine, not this crazy, go after everybody, poorly put together, and constantly changing tariff regime.