Ways and Means Committee Ranking Member Richard E. Neal (D-MA) released the following statement after President Donald Trump escalated his reckless trade war:
“The President just marked for history the moment he steered the American economy away from a path of success and growth and onto a path of higher prices and stagnant growth. People’s 401Ks are down, and Trump’s taken an arbitrary, undisciplined approach that isn’t based on any serious economic analysis. Rather, he’s using trade negotiation as a front to run his own corruption through our economy. By giving himself the unfettered ability to change these tariffs on a whim, he will shake down our allies, leave our alliances fractured, and send our trading partners running into the arms of our adversaries, all while the American people have no way of tracking the changing costs of goods.
“Trump is raising prices on families, killing jobs and hollowing out worker protections, all while destroying people’s plans for retirement, education, or even buying a new car or home. And then has the gall to say he ‘couldn’t care less’ about higher prices. Openly boasting about raising money on the backs of families to turn around and squeeze out another massive tax handout to his rich friends—it’s clear whose side he’s on.
“Ways and Means Democrats believe in sensible trade policy that protects our workers and businesses. We believe in the power of Congress to oversee the executive branch on trade and the important partnership of equal branches of government. Giving one individual the power to set tariffs and tax rates on American families means eroding our system of checks and balances and creating new avenues for corruption. Republicans have abandoned these principles and are complicit in Trump’s destruction of the American economy. Just last month, they shamefully relinquished their oversight power and responsibilities on trade.
“When used responsibly, tariffs are one tool in a big toolbox to protect American workers and industries. Meaningful change is only possible when we pair targeted economic investments with workforce development. But the President’s lack of strategy does the complete opposite. He just made everything more expensive for the American people and put the economy on a calamitous course. All by his design.
“A cruel, complete betrayal of the people who trusted his promises to lower costs, supercharge domestic manufacturing, and bring good-paying jobs home.”
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