Sen. John Kennedy (R-LA) said he viewed the “Liberation Day” tariffs as an artful negotiation tactic that would draw in “every foreign trade representative.”
On Wednesday, President Donald Trump imposed 10% tariffs on Mexico, Canada, China, and dozens more countries, as well as a 25% tariff on foreign automobiles. The stock market has had bearish reactions. The S&P 500 recorded its fifth consecutive week of decline last Friday, and its futures declined by 3.4% before the market opened Thursday.
“If you want a sure-fire investment, go book as many rooms as you can at the Hay-Adams Hotel across from the White House. Because every foreign trade representative is going to be coming to America to meet with the Trump administration to try and negotiate,” Kennedy said Thursday on Fox News’s America’s Newsroom. “Tariffs are more art, in my opinion, than science. Tariffs are like whiskey. A little whiskey under the right circumstances can be refreshing. Too much whiskey under the wrong circumstances, and you end up drunk as a goat.”
KAROLINE LEAVITT ASSURES GOODS ‘MADE WITH FOREIGN HANDS’ WILL RECEIVE TARIFFS
Kennedy said Trump would have to wait some months before he saw the tariffs’ results and whether they worked in his favor. The senator pointed to China and India as two countries that have “a lot of trade barriers” and don’t experience inflation.
According to an estimate by the nonpartisan think tank Tax Foundation, Trump’s tariffs against Mexico, Canada, and China alone could raise taxes by more than a trillion dollars between 2025 and 2034 if they continue that long.