Senator Mark Warner (D-VA) tells Fox News Sunday that the trauma we see in the stock market over Trump’s tariffs is reminiscent of the 1929 market crash that put 25% of the country out of work and destroyed the working class for years.
Warner began by singling out Peter Navarro’s ludicrous claim that tariffs are tax cuts.
WARNER: Let’s go back to what your previous guest, Mr. Navarro, was talking about.
A hundred billion dollars they’re going to collect from auto buyers, 600 billion from the other tariffs.
That is a tax.
That money doesn’t come falling out of the sky. That money comes because these products will go up, Americans will pay more.
The idea that they hired this president to bring down costs and you’ve got the market crashing because they think the tariffs are stupid, selective tariffs, absolutely.
Across the board, we’re talking $700 billion tax. The American people get it.
Your own survey pointed that out. And the curious thing about Navarro was, he’s even talking about tariffs in the first Trump administration.
He should have looked a little bit more at history. I think it was, I think they were called the Smoot-Hawley tariffs in the 1920s.
That policy led to the Depression.
Now, God willing, what Trump’s doing is not going to lead the same place, but it insults the intelligence of the American people when he’s saying the government’s going to collect $700 billion a year, and somehow that’s not going to show up as a tax.
Why is Peter Navarro is asked to come on any Sunday news program? Why?!?
The man spent time in jail protecting the lying liar in office today and admitted to helping orchestrate the insurrection on January 6 at the US Capitol.
Sen. Warner cited the Smoot-Hawley Tariff Act which caused a wave of retaliatory tariffs from other countries, significantly reducing international trade and worsening the Great Depression.
The Smoot-Hawley Tariff Act (1930) imposed steep tariffs on many industrial and agricultural goods, inviting retaliatory measures that ultimately reduced output and caused global trade to contract.