[Congressional Record Volume 171, Number 132 (Thursday, July 31, 2025)]
[Senate]
[Page S4957]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]



                                Tariffs

  Mr. SCHUMER. Mr. President, yesterday, Donald Trump announced what he 
called a deal with South Korea, and it is very similar to the deals we 
saw with Japan and the European Union. It is all talk, no substance; 
all hat, no cattle. And it raises the costs for average Americans.
  Now, instead of levying a 25-percent tariff, as he has threatened, 
South Korea will face 15 percent tariffs. And then he pretends like 
that is some kind of victory. Fifteen percent is far from a victory 
because it is American families who are the ones who will have to pay 
for it in the end. Raising your prices by 15 percent on imported 
goods--that is a lot of money to a lot of people.
  In fact, we got some more news this morning. According to the Federal 
Reserve's preferred inflation gauge, inflation continues to accelerate 
as Trump tariffs continue to hammer American pocketbooks. That means 
Americans are paying more. Inflation goes up, the American family pays 
more. That is because, in part, of Donald Trump's tariffs. That sure 
doesn't sound like a golden age to me.
  Just like the supposed deals with Japan and the European Union, 
Donald Trump has claimed that South Korea will invest billions towards 
the United States. The problem is, there is no way to enforce what 
Donald Trump is saying. It is just talk--more talk, no action. That is 
all he does.
  When he announced his deal with the EU, for instance, the EU 
immediately said there is no way they are going to be able to meet the 
kinds of investments Donald Trump was bragging about. The EU stated 
publicly the agreement was nonbinding and there was no plan to back it 
up.
  So on day one, Donald Trump talks about some huge number that will be 
invested in America, and the next day, the people who say they are 
investing say: No way. It is not happening.
  The same thing happened with Japan. In Japan, they said--after Donald 
Trump announced a $500 billion investment--that they will only be able 
to invest 2 percent of what Donald Trump bragged about.
  So listen to what the negotiators from the other side say the day 
after Trump puts out his braggadocio. If they were being totally 
honest, the Europeans, the Japanese, the Koreans would announce that 
day that what Donald Trump is saying isn't true, but they are 
announcing it the next day, and people hear it.
  It is so typical of Donald Trump. He makes bold promises, talks a big 
game, but when reality sets in, he changes the goalposts, makes 
excuses, lies about what he has done, and then the American people are 
left paying the price because his policies hurt them.
  It may get worse. At midnight tonight, unless Trump changes course, a 
slew of tariffs will come into effect for dozens of countries that 
include America's most important trading partners. Four months since 
Donald Trump's so-called ``Liberation Day,'' his trade war has been an 
experiment in chaos, dishonesty, and inflation.
  Donald Trump has launched America against the rest of the world 
without a clue, it seems, about what he is trying to do. He seems to 
make it up every morning when he wakes up. If what he says 2 days later 
contradicts what he said previously, he doesn't care. Lying doesn't 
matter to him, and he doesn't believe the American people will see 
through it, but they do.
  Americans are left paying, meanwhile, more of out-of-pocket expenses 
for everyday goods. It is estimated the average household pays $2,400 a 
year extra. That sure doesn't sound like a golden age to me.
  And more problems. The tariffs are affecting companies, businesses 
large and small. Yesterday, Ford said that Donald Trump's tariffs will 
cost the company $2 billion--$2 billion--and that is certainly going to 
be passed on to the consumers. Imagine what that $2 billion could do if 
it weren't for tariffs. Ford might have hired more workers, invested in 
more plants.
  What Donald Trump is doing--costing Ford $2 billion, costing 
companies billions more--that doesn't sound like a golden age to me.
  Amazon, Walmart, popular toy companies, and other retailers say price 
hikes may very soon happen. That is where everybody shops. Americans 
are going to pay more for their groceries, more for their toys, more 
for their clothes, more for their cars. As families get ready to send 
their kids back to school, they are facing the pinch as the cost of 
clothing and pencils and backpacks and all that kind of stuff goes way 
up. It doesn't sound like a golden age to me.
  So Donald Trump can stay in his bubble. He can pretend like 15 
percent tariffs on our biggest partners are a cause for celebration. 
But Donald Trump should ask the American people if 15 percent more for 
everyday goods is a victory. He won't like what they tell him.