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Floor Speech
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Mr. SCHUMER. Mr. President, this morning, Donald Trump's trade war strikes again. Walmart announced today it plans to raise prices in stores across America because of Donald Trump's tariffs.
Here is what Walmart will say on its earnings call:
[G]iven the magnitude of the tariffs, even at the reduced levels announced this week, we aren't able to absorb all the pressure given the reality of narrow retail margins.
Walmart's raising prices is a canary in the coal mine for the devastation Trump's tariffs will have on Main Street. If a retailer as big as Walmart can't escape the pain of tariffs, what chance do small businesses have? Their customers are inevitably going to see prices rise.
Walmart's announcement is a glaring reminder that even after supposedly backtracking on some of his tariffs, significant damage will not go away. The chaos he has unleashed is eating away at retailers, restaurants, small businesses, and middle-class families' wallets. It is still estimated that these tariffs will cost thousands of dollars for each family this year.
Donald Trump's tariffs are nothing more than a tax hike on consumers. I am supporting legislation with Jamie Raskin to require large retailers to start displaying clearly to customers precisely how much tariffs are contributing to the total price of products.
Americans deserve transparency. If Trump's tariffs are causing prices to go up, through no fault of the retailer, the American consumer ought to know it. Walmart should start displaying in their stores and online how much tariffs actually contribute to the price of their goods. So should all other retailers.
America should know how much Trump's tariffs are hurting them. People understand it. People are beginning to understand it, but this display would hit it home every time they buy a good.
It shows you how destructive and chaotic Donald Trump's trade war has been. He should backtrack--totally backtrack--before we enter a recession. Specific tariffs that deal with how China treats us, the Chinese Government, the Chinese economy treats us, that is fine, not this ``crazy, go after everybody, poorly put together, and constantly changing tariff'' regime.
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