Tariffs

Floor Speech

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Mr. SCHUMER. Mr. President, make no mistake about it, Donald Trump is teeing up a nationwide recession.

Less than a week after Donald Trump started the largest, dumbest trade war in American history, all the signs say America is heading toward calamity.

A report by JPMorgan entitled ``There Will Be Blood,'' warned these policies, if sustained, would likely push the United States and possibly the global economy into a recession this year. An update of our probability scenario tree makes this point, raising the risk of a recession this year to 60 percent. That is the conservative, cautious JPMorgan--60-percent chance of a recession.

Barclays, meanwhile, said Donald Trump's tariffs will cause inflation to nearly double as America enters a recession.

HSBC, Deutsche Bank, and Bank of America all said the same thing--the tariffs have made a recession more likely. And now, today, Goldman Sachs is the one saying ``danger.''

Some analysts say the damage is already done; $6 trillion of value has been wiped out. Any community in America that relies on trade or tourism or farming or energy or any wide range of industries is at risk of a recession.

My State of New York, my city of New York, certainly, are at that risk and heading right in that direction, unfortunately.

Consumer activity is going to go down. Demand is going to suffer. Unemployment is going up.

And maybe worst of all, Donald Trump's tariff tax is the largest tax hike since before the Vietnam war. Families will pay $5,000 extra a year for groceries, appliances, for drugs, for clothes, for cars, for gasoline, and so, so much more. Everywhere they look, Americans are going to see prices going up, going up.

Donald Trump campaigned on the fact there was too much inflation, and yet he is going to cause--he is causing already--a ton of it. So let me say it again: Donald Trump is teeing up a nationwide recession. If a recession does happen, it will be known as the Trump recession.

I urge the President to back off from his disastrous tariffs immediately. He should put down the golf clubs and pick up the papers because the disaster he has created is anything but great.

On the contrary, ``Liberation Day'' is quickly turning into Donald Trump's infamous ``Mission Accomplished'' moment. Congress must immediately take back power from Donald Trump before he causes more damage to the economy.

Leader Thune has a responsibility to listen to American families worried about the price of groceries, worried about their retirement, worried about keeping their jobs, and worried about the future. The Republican leader should make passing tariff legislation the top priority of the Senate this week.

At his press conference a few minutes ago, Donald Trump just said he is not looking at a pause. Now the only hope the American people have to avoid calamity rests on Senator Thune's shoulders. So Senator Thune has a decision to make: Side with Donald Trump or his destructive policies or side with the American people.

I was deeply disappointed last Friday night when Senate Republicans rejected my measure last week to halt any tariffs since January 20 if prices for groceries, medicines, and other essential goods went up.

I hope Republicans reconsider their opposition the next time we vote in reconciliation or else they will continue to get an earful from their constituents back home.

Talk about canceled townhall meetings that Republicans had to do in the House, they are going to have to cancel a whole lot more unless they start listening to the American people.

This shouldn't be a partisan issue. Most Senators know deep down these tariffs are a disaster for the country.

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