Sen. Pat Toomey (R-PA) said that Trump’s trade war has the potential to do great damage to the US economy.
Brennan: I want to ask you about something you’ve been very vocal about your concerns, criticism of the president’s trade policies today, starting today Canada is putting tariffs on a number of American-made products including chocolate, ketchup, other items. How much is this going to cost your home state?
Toomey: Well, it’s going to be harmful to my home state. So far this trade war if it is that, it seems to be heading that way, has been of a modest scale, it hasn’t done great damage yet, but it has the potential to do that. And it would be an unbelievable pity to disrupt what is really a fantastic economy, because of tax reform, because of regulatory relief we’ve got strong economic growth, tremendous employment prospects. So I don’t want to see a trade war undo that. And limit the ability of Pennsylvanians and Americans generally to buy and sell goods and services within our nation and to our allies which is after all who this is targeting.
The second half of Toomey’s answer about the tax cuts and deregulation helping the economy was utter conservative economic ideological BS. The tax cuts for the wealthy and corporations will have a net negative impact on economic growth, blow up the budget deficit, and the upward impact is projected to be non-existent. Deregulation also does not boost economic growth. This is another tall tale created by the Republican Party.
The trade war is just getting started, but already everyone from soybean farmers to Harley Davidson workers is feeling the pain. Toomey knows that the pain is only going to increase and that it is just a matter of time before the national economic numbers begin dipping due to Trump’s trade war. Republicans could pass a bill tomorrow to take back their role in trade, but they won’t because they are afraid of Trump. It is going to take a Democratic Congress to stand up to this president.
Even the Republicans can’t deny the looming reality of the economic damage about to be unleashed by Trump.
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