Key Takeaways
- Tariffs will be a ‘nightmare’ for the US economy and American workers, warns Chuck Schumer.
- The Trump administration is expected to announce new tariffs on Wednesday, which could hurt American businesses.
- Imposing tariffs on Canada would hurt the US itself, according to Schumer, who also pointed out that the two economies are interrelated and depend on each other.
Washington: US Senate Minority Leader Chuck Schumer said on Tuesday that imposing tariffs on friendly countries like Canada would become a “nightmare” for the US economy and workers.
The Trump administration is expected to announce new tariffs on Wednesday. White House spokesperson Karoline Leavitt said they will take effect the same day. The Washington Post reported on Tuesday that the Trump administration has prepared a proposal to introduce tariffs of about 20% on the majority of imported goods.
“This is just a nightmare for the American economy, a nightmare for the American workers, and a nightmare for American businesses,” Schumer told reporters.
Imposing tariffs on Canada would hurt the US itself, he added.
Schumer pointed out that Canada is America’s friend, and the two economies are interrelated and depend on each other.
Schumer promised that the Democrats would fight Trump’s tariff policy. He also stressed that businesses and customers prefer predictability.
“The tariffs are so uncertain, so chaotic, such a mess, that business people are pulling back,” he added.
On February 18, Trump signed an executive order introducing 25% tariffs on all imported steel and aluminum. It went into effect on March 12. In addition, Washington has introduced 25% tariffs on goods imported from Mexico and Canada and raised tariffs on imports from China to 20%.
