Ted Cruz Warns Trump On Possible ‘Bad Outcome For America’ On Tariffs | EUROtoday

Sen. Ted Cruz (R-Texas) took a uncommon step away from Donald Trump on Thursday when he grew to become the most recent Republican voice to query the president’s sweeping new tariffs, which have despatched the inventory market spiraling.

In an interview with Fox Business’ Larry Kudlow, Cruz mentioned he opposed tariffs normally and cautioned of potential unfavorable penalties for American customers.

“Look, I think it is a mistake to assume that we will have high tariffs in perpetuity. I don’t think that would be good economic policy,” Cruz instructed Kudlow, a former Trump financial adviser.

“I am not a fan of tariffs,” Cruz identified.

The Texas Republican, often a staunch supporter of Trump, argued that the short-term influence of the president’s so-called “Liberation Day” tariff plan stays to be seen and is determined by how different international locations reply by way of negotiation or retaliation.

“If the result of yesterday’s announcement is a lot of our trading partners across the globe dramatically reduce the tariffs they charge on U.S. goods and services and the consequence of that is the U. S. government dramatically cuts the tariffs that were announced yesterday, that would be a great outcome,” he mentioned. “But if the result is our trading partners jack up their tariffs and we have high tariffs everywhere, I think that is a bad outcome for America.”

Cruz described tariffs as “a tax on consumers.”

“I’m not a fan of jacking up taxes on American consumers,” he added. “So my hope is these tariffs are short-lived and they serve as leverage to lower tariffs across the globe.”