Veteran political analyst Britt Hume squeezed the impact of President Donald Trump’s tariffs on Fox News on Wednesday.
Trump declared a national emergency on Wednesday, imposing a series of mutual tariffs set at about half of the rates charged by other countries for US imports, due to the initiative the White House labelled “liberation date.” When appearing in “Special Report with Bret Baier,” Hume discussed potential benefits, as Trump said. Hume said the plan could have a major impact on the US economy.
“Money is invested in this country. He has published many cases of it. The factory may move here. It takes all the time. The factory is not built overnight. The money invested will not start to show its effect on people right away.” “However, the impact of these tariffs can be very quick. Prices are likely to rise, and in reality they may provide revenue that offsets the revenue that can be used to cut taxes, or at least hold taxes.”
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However, Hume said these benefits were not guaranteed and are still under discussion. (Related: “I’m Carefully Optimistic”: Doug Ford strongly recommends Canada “retaliation against Trump’s tariffs”)
“It’s still not done yet, so we can see why markets with dead certainty about short-term pain and long-term benefits are worried about this situation,” Hume added.
Hume said some people question Trump and his beliefs.
“It’s said that people don’t think he believes in a lot of what he believes, but I think it’s pretty clear from what we’re looking at right now, as he believes in tariffs so firmly,” Hume said.
Republican Louisiana Sen. John Kennedy expressed doubt this week about the impact of Trump’s tariffs, saying it could expand the US economy or cause a recession. Kennedy said there are proven ways to cut government spending, ease economic restrictions, continue Trump’s tax cuts and lower prices as an overhaul of tax law.
“I think the recipe for lowering prices is to reduce government spending, curb the economy, extend Trump’s tax cuts, redesign the tax law. I know that will work. I don’t know what the impact of tariffs will be.”
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