Whereas senators Chuck Schumer, D-N.Y., and Ben Ray Luján, D-N.M., cited economists’ projections that President Donald Trump’s tariffs will value American households an additional $5,000 per yr, GOP Sen. John Kennedy, R-La., insisted, “We don’t know,” suggesting those that declare they do are making fools of themselves.
“I followed what all these economists are saying. Most of them make these late-night psychic hotlines look respectable,” Kennedy advised Fox Information Digital on the Capitol. “They don’t know any more than anybody else. We’re in uncharted waters here.”
In accordance with Schumer and Luján, Individuals can possible count on to see prices rise sufficient to equate to a $5,000 per yr tax on American households.
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President Donald Trump holds a chart as he delivers remarks on reciprocal tariffs throughout a “Make America Wealthy Again” occasion within the Rose Backyard on the White Home in Washington, D.C., April 2, 2025. (Brendan Smialowski/AFP through Getty Photographs)
“When the average American family sits down and tries to figure out how they’re going to pay for things, and they hear they may pay $5,000 more than they’ve had to pay before — and they may not be able to buy a new car, they may not be able to support that new drug that grandma needs, they may not be able to take that vacation they were planning for a year — they’re going to be outraged,” Schumer advised reporters.
“It’s a huge tax on American families. All – all – to help billionaires get a tax cut.”
Luján seconded the sentiment from Schumer, pointing to the economists that Kennedy blasted as much less respectable than a “late-night psychic hotline.”
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“There’s no question that the American people are the ones that are going to be paying the brunt of this,” Luján argued. “The actuaries that have been putting out reports and other economists are suggesting that this is going to be a national sales tax on the American people of about 5,000 bucks year. That’s just not right.
“If the president can be open to utilizing focused tariffs as a instrument — one thing that I am open to and I believe others are — that is one factor,” Luján added. “However when he is arbitrarily simply going throughout the board and making an attempt to slap on numbers … I am very involved for my constituents which are going to be paying out of pocket.”
Sen. Chuck Schumer, D-N.Y.; Sen. John Kennedy, R-La.; and Ben Ray Luján, D-N.M. (Gettty Images; Fox News)
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Kennedy argued such projections had no basis in fact.
“The reality is we do not know. These economists do not know,” Kennedy insisted. “These are uncharted waters. We have not had these form of tariffs in a very long time. It could be a internet constructive. President Trump applied tariffs in his first time period. Did not appear to harm the financial system. It might be a damaging. All I am saying is that in Washington, D.C., for each economist, there’s an equal and reverse economist, and so they’re normally each incorrect.”
