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“If you want your tariff rate to be zero, then you build your
product right here in America because there is no tariff if you
build your plant or product in America,” Trump said Wednesday.
Trump held a chart which he said showed what the U.S. pays in
tariffs to other countries, including 67% to China, 72% to
Thailand, and a 90% tariff to Vietnam.
Illinois U.S. Sen. Dick Durbin, D-Springfield, took to the
Senate floor to voice his opposition, saying the president is
risking a recession with this national sales tax he calls
tariffs.
“The Trump administration has created chaos in our economy,”
said Durbin. “The president campaigned on lowering prices for
American families, unfortunately his policies and actions have
done the opposite.”
Durbin has joined Democrats in voting for a measure that would
repeal the emergency declaration that permitted Trump to levy
tariffs on Canada by citing fentanyl flowing across the border.
The resolution likely won’t survive the GOP-controlled House.
Gov. J.B. Pritzker, who spent the past few days in Mexico
working on trade deals, said tariffs are “a tax on working
families, a tax on groceries and a tax on everyday necessities.”
The Dow Jones Industrial Average was down as much at 1,500
points and NASDAQ lost 5% after the latest round of tariffs were
announced.
The Illinois Manufacturers Association released a statement
following the announcement.
“The new tariffs announced today will increase the cost of
manufacturing products in America, threatening competitiveness
and resulting in even higher prices for consumers. The impacts
of these tariffs will be felt greatly throughout Illinois, which
is the fourth largest exporter in the United States,” said
president and CEO Mark Denzler.
According to the White House, the new tariffs could raise $600
billion a year.
Several nations, including Chica, Canada and South Korea, have
pledged hefty retaliatory measures in response to the tariffs. |
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