[53 / 1 / ?]
Quoted By: >>1389148
https://www.newsweek.com/donald-trump-tariffs-higher-prices-inflation-2039190
Republican lawmakers are saying that Americans are willing to endure higher prices as a trade-off for Donald Trump's policies, despite growing concerns over inflation.
It comes after Trump said his threatened tariffs on China, Mexico and Canada will go into effect from today, in a move that could lead to a rise in inflation. Goldman Sachs previously estimated these tariffs could increase inflation by 1 percent while squeezing U.S. company profits and risking retaliatory measures from other nations.
Meanwhile, according to a Labor Department report, inflation is already hitting the economy, January seeing the largest consumer price increase in nearly 18 months.
Senator Markwayne Mullin told CNN that "of course" he's worried tariffs could impact his state of Oklahoma but argued that his constituents are willing to "do what it takes" to support the president's policy.
"I think our constituents are going to do what it takes to get America back on track. We're tired of countries taking advantage of us," he said.
Representative Mark Alford of Missouri also chimed in, telling CNN that he is "all for" paying higher prices to "get America right again."
"We all have a role to play in this to rightsize our government, and if I have to pay a little bit more for something, I'm all for it to get America right again, to start whittling down" the debts, he said.
Asked if he thinks his constituents feel the same way about shouldering some of the costs, Alford said: "I think so."
Republican lawmakers are saying that Americans are willing to endure higher prices as a trade-off for Donald Trump's policies, despite growing concerns over inflation.
It comes after Trump said his threatened tariffs on China, Mexico and Canada will go into effect from today, in a move that could lead to a rise in inflation. Goldman Sachs previously estimated these tariffs could increase inflation by 1 percent while squeezing U.S. company profits and risking retaliatory measures from other nations.
Meanwhile, according to a Labor Department report, inflation is already hitting the economy, January seeing the largest consumer price increase in nearly 18 months.
Senator Markwayne Mullin told CNN that "of course" he's worried tariffs could impact his state of Oklahoma but argued that his constituents are willing to "do what it takes" to support the president's policy.
"I think our constituents are going to do what it takes to get America back on track. We're tired of countries taking advantage of us," he said.
Representative Mark Alford of Missouri also chimed in, telling CNN that he is "all for" paying higher prices to "get America right again."
"We all have a role to play in this to rightsize our government, and if I have to pay a little bit more for something, I'm all for it to get America right again, to start whittling down" the debts, he said.
Asked if he thinks his constituents feel the same way about shouldering some of the costs, Alford said: "I think so."
