Sen. Ted Cruz warns Trump tariffs could be ‘terrible for America’
Senate Commerce Chair Ted Cruz is warning about major risks for the American economy and its automotive industry thanks to President Donald Trump’s trade war, saying it could result in the biggest tax hike in a “long, long time.”
“I’m seeing a lot of Republican cheerleaders reflexively defending what the White House is doing,” Cruz said on his podcast Friday, but cautioned the administration’s latest actions could “hurt jobs and hurt America.”
Cruz added he is “not a fan” of tariffs.
The alarm bells from Cruz, a Texas Republican who has called himself Trump’s “strongest supporter” in the Senate, reflects growing unease among Republicans about Trump’s tariff crusade and the impact it could have on prices for consumers and, consequently, the GOP’s political prospects.
Some Republicans have signaled interest in legislation to strengthen Congress’ authority to approve future tariffs after Trump earlier this week unilaterally slapped tariffs between 10 percent and 50 percent on countries across the globe, following through on his promise to impose reciprocal tariffs on foreign trade partners. [Continue reading…]