Tag: tariffs hurting Americans

Watch: Steve Mnuchin squirms after Iowa Democrat corners him on the negative impact of Trump’s tariffs in her state

Trump Treasury Secretary Steve Mnuchin on Wednesday had a tough time defending President Donald Trump’s tariffs under tough questioning from Rep. Cindy Axne (D-IA).

During a hearing at the House Financial Services Committee, Axne asked Mnuchin pointed questions about the impact that tariffs were having on American businesses and consumers — and Mnuchin at one point even tried to deny that tariffs were taxes.

After Mnuchin repeatedly dodged her questions about whether businesses would most likely pass on increased production costs to American consumers thanks to Trump’s tariffs, Axne stopped him and told him he was not giving her a “straight answer.”

“Do you agree that American consumers will be paying more as a result of these tariffs?” she asked.

Watch the video below: Continue reading “Watch: Steve Mnuchin squirms after Iowa Democrat corners him on the negative impact of Trump’s tariffs in her state”

Trump’s trade policies are costing Americans a lot of money

Tariffs and sanctions drive up costs and will create a negligible number of jobs.

When Secretary of State Mike Pompeo announced this week the end of waivers for U.S. sanctions on Iranian oil, he assured the world that oil prices and supplies will be kept in check. But on Tuesday, less than 24 hours after his announcement, oil prices spiked to a six-month high.

Taking Iran’s supplies out of the equation was bound to increase prices, despite what Pompeo and President Donald Trump have said, especially given that Venezuela’s oil supply is similarly sanctioned. This increase in oil prices will have an impact on economic growth in the United States, said Robert E. Scott, senior economist and director of trade and manufacturing policy research at the Economic Policy Institute.

View the complete April 25 article by D. Parvaz on the ThinkProgress website here.