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Floor Speech
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Mr. SCHUMER. Mr. President, yesterday, Donald Trump announced what he called a deal with South Korea, and it is very similar to the deals we saw with Japan and the European Union. It is all talk, no substance; all hat, no cattle. And it raises the costs for average Americans.
Now, instead of levying a 25-percent tariff, as he has threatened, South Korea will face 15 percent tariffs. And then he pretends like that is some kind of victory. Fifteen percent is far from a victory because it is American families who are the ones who will have to pay for it in the end. Raising your prices by 15 percent on imported goods--that is a lot of money to a lot of people.
In fact, we got some more news this morning. According to the Federal Reserve's preferred inflation gauge, inflation continues to accelerate as Trump tariffs continue to hammer American pocketbooks. That means Americans are paying more. Inflation goes up, the American family pays more. That is because, in part, of Donald Trump's tariffs. That sure doesn't sound like a golden age to me.
Just like the supposed deals with Japan and the European Union, Donald Trump has claimed that South Korea will invest billions towards the United States. The problem is, there is no way to enforce what Donald Trump is saying. It is just talk--more talk, no action. That is all he does.
When he announced his deal with the EU, for instance, the EU immediately said there is no way they are going to be able to meet the kinds of investments Donald Trump was bragging about. The EU stated publicly the agreement was nonbinding and there was no plan to back it up.
So on day one, Donald Trump talks about some huge number that will be invested in America, and the next day, the people who say they are investing say: No way. It is not happening.
The same thing happened with Japan. In Japan, they said--after Donald Trump announced a $500 billion investment--that they will only be able to invest 2 percent of what Donald Trump bragged about.
So listen to what the negotiators from the other side say the day after Trump puts out his braggadocio. If they were being totally honest, the Europeans, the Japanese, the Koreans would announce that day that what Donald Trump is saying isn't true, but they are announcing it the next day, and people hear it.
It is so typical of Donald Trump. He makes bold promises, talks a big game, but when reality sets in, he changes the goalposts, makes excuses, lies about what he has done, and then the American people are left paying the price because his policies hurt them.
It may get worse. At midnight tonight, unless Trump changes course, a slew of tariffs will come into effect for dozens of countries that include America's most important trading partners. Four months since Donald Trump's so-called ``Liberation Day,'' his trade war has been an experiment in chaos, dishonesty, and inflation.
Donald Trump has launched America against the rest of the world without a clue, it seems, about what he is trying to do. He seems to make it up every morning when he wakes up. If what he says 2 days later contradicts what he said previously, he doesn't care. Lying doesn't matter to him, and he doesn't believe the American people will see through it, but they do.
Americans are left paying, meanwhile, more of out-of-pocket expenses for everyday goods. It is estimated the average household pays $2,400 a year extra. That sure doesn't sound like a golden age to me.
And more problems. The tariffs are affecting companies, businesses large and small. Yesterday, Ford said that Donald Trump's tariffs will cost the company $2 billion--$2 billion--and that is certainly going to be passed on to the consumers. Imagine what that $2 billion could do if it weren't for tariffs. Ford might have hired more workers, invested in more plants.
What Donald Trump is doing--costing Ford $2 billion, costing companies billions more--that doesn't sound like a golden age to me.
Amazon, Walmart, popular toy companies, and other retailers say price hikes may very soon happen. That is where everybody shops. Americans are going to pay more for their groceries, more for their toys, more for their clothes, more for their cars. As families get ready to send their kids back to school, they are facing the pinch as the cost of clothing and pencils and backpacks and all that kind of stuff goes way up. It doesn't sound like a golden age to me.
So Donald Trump can stay in his bubble. He can pretend like 15 percent tariffs on our biggest partners are a cause for celebration. But Donald Trump should ask the American people if 15 percent more for everyday goods is a victory. He won't like what they tell him.
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