President Donald Trump's latest round of tariffs is going to cause immediate harm to the economy for hypothetical benefits that would take years to be realized — if ever, Democratic strategist Meghan Hays said on a CNN panel Friday afternoon.
The tariffs, which apply to foreign cars and auto parts, caused yet another stock market dive and tanked the share value of Ford and General Motors, two companies the tariff aimed to promote and protect.
"I want to focus in on the tariffs for a second because ... this is a place where he is taking his political capital and spending," said anchor Kasie Hunt. "He is spending on something that he cares a lot about. He was pressed. And, you know, I got to be honest, if I was in the market for a new car or if I felt like I needed one, I might go to the dealerships this weekend. Someone asked him this question today at the White House. Let's watch."
ALSO READ: 'Not much I can do': GOP senator gives up fight against Trump's tariffs
"Should Americans buy cars now if they want to avoid higher prices?" a reporter asked Trump in the clip, to which he replied, "No, I don't think so. I think you're going to have a country that's going to boom."
"Again, that is his short-term pain, long-term gain answer to that question because, I mean, every economist you ask will say, 'yes, the prices are going to get higher,'" said Hunt.
"Yeah, absolutely," agreed Hays. "And also how long of a gain is he looking for? It's going to take years to have these parts manufactured in the United States, and have these people trained to do — to build car parts that are going to be manufactured here so the car prices don't continue to rise. It is a huge problem for Donald Trump. He is spending a considerable amount of capital trying to get this path where it seems like something over a petty disagreement or a certain feeling in his ego is getting in the way."
Watch the video below or at the link here.
- YouTubewww.youtube.com
