Senate Democratic Leader Chuck Schumer (N.Y.) on Friday blasted President Trump’s management of the economy after a new report from the Labor Department reported that the economy created only 73,000 jobs in July and revised down the job gains for May and June by 258,000.
“It is disturbing to say but the chickens are coming home to roost on Donald Trump’s destructive trade war, and the American people are paying price,” Schumer said on the Senate floor. “The American people are paying the price. You sow chaos, Donald Trump, you reap chaos. That is what the president is finding out this morning.”
He called the revision of jobs gained in May and June “a flashing red light.”
“Donald Trump’s chaotic tariffs are already bleeding our economy of good-paying jobs," he said.
He pointed out that the U.S. economy added fewer than 20,000 jobs in May and fewer than 20,000 jobs in June.
“That is what tariff whiplash looks like. Businesses, small, large, medium always need stability but businesses are waving around their arms in the dark without a clue of what Donald Trump is going to do next,” he said.
The weak jobs report came out the morning after Trump announced a new round of tariffs on major trading partners, including a new 35 percent tariff rate for imports from Canada and a 50 percent tariff rate on imports from Brazil.
The administration also announced a 39 percent rate on imports from Switzerland.
Trump delays a 30-percent tariff on Mexican goods for another 90 days after previously saying that higher tariffs on it could go into effect Aug. 1.
“As bad as his previous trade policies have been, today he is doubling down on his awful trade policies. Last night, he imposed a slew of tariffs on 68 countries around the world, including some of our most important trading partners,” Schumer said.
Source: The Hill - News
