WASHINGTON, D.C. (NBC News) – All eyes are on Wall Street to see how investors will react to President Trump’s new tariffs on aluminum and steel.
Republican Senator Lindsey Graham of South Carolina says Mr. Trump is making a huge mistake.
“You’re letting China off the hook. You’re punishing the American consumer and our allies,” said Graham.
Other lawmakers, like Democratic Senator Joe Manchin of West Virginia, say the plan will save jobs.
“The people at Main Street are saying, we got devastated. We got hurt. We have lost good jobs with benefits. We can’t compete,” said Manchin.
To correct America’s $800 billion trade deficit, Mr. Trump says he’ll impose 25% tariffs on imported steel and 10% on aluminum.
The White House insists consumers will barely notice.
“I think the American people are willing to pay a cent and half more for a six pack of beer in order to have an aluminum and steel industry,” said White House Trade Adviser Peter Navarro.
Europe is threatening to retaliate with its own tariffs. If so, President Trump tweets he’ll tax their cars.
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