U.S. Senator Rand Paul was asked about President-elect Trump’s campaign promises to impose new and increased tariffs during a visit to Columbia Gas in Lexington last week. He echoed economists who say tariffs are a tax on consumers.
“The average shopper that goes to Walmart, just the average ordinary shopper, saves about $1,000 every year by being able to buy items that are less expensive, that were imported from overseas. That means the average ordinary shopper at Walmart is $1,000 richer. If we put tariffs on them, they'll be $1,000 poorer.”
Paul said he has a bill that would restore some of the trade authority Congress has given up to the president over the last 40 to 50 years.
“So actually, I think there's a constitutional issue, but I will fight, and I have a bill to remove some of that power and bring it back to Congress, because I think really, the power to tax is a very much a primary function of Congress, not the president.”
Paul cited companies like Toyota in Georgetown and several others in the commonwealth as examples of foreign-owned businesses that would be hurt by a trade war begun by new American tariffs.
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