Chuck Schumer Tears Into Trump After Walmart Announces Price Increases Due To 'Magnitude' Of Tariffs

During remarks on the Senate floor Thursday, Senate Minority Leader Chuck Schumer (D-NY) spoke about President Trump's tariffs.

Transcript

00:00Mr. President, this morning, Donald Trump's trade war strikes again.

00:06Walmart announced today it plans to raise prices in stores across America because of Donald Trump's tariffs.

00:15Here is what Walmart will say on its earning call.

00:18Quote, given the magnitude of the tariffs, even at the reduced levels announced this week,

00:24we aren't able to absorb all the pressure given the reality of narrow retailed margins. Unquote.

00:31Walmart's raising prices is a canary in the coal mine for the devastation Trump's tariffs will have on Main Street.

00:39If a retailer as big as Walmart can't escape the pain of tariffs, what chance do small businesses have?

00:47Their customers are inevitably going to see prices rise.

00:51Walmart's announcement is a glaring reminder that even after supposedly backtracking on some of his tariffs,

00:57significant damage will not go away.

01:02The chaos he's unleashed is eating away at retailers, restaurants, small businesses, and middle-class families' wallets.

01:10It's still estimated these tariffs will cost thousands of dollars for each family each year.

01:16Donald Trump's tariffs are nothing more than a tax hike on consumers.

01:21I am supporting legislation with Jamie Raskin to require large retailers to start displaying clearly to customers

01:33precisely how much tariffs are contributing to the total price of products.

01:38Americans deserve transparency.

01:41If Trump's tariffs are causing prices to go up, no fault of the retailer, the American consumer ought to know it.

01:50Walmart should start displaying in their stores and online how much tariffs actually contribute to the final price of their goods.

01:57So should all other big retailers.

01:59America should know how Trump's tariffs are hurting them.

02:02People understand it, are beginning to understand it, but this display will just hit it home every time they buy a good.

02:11It shows you how destructive and chaotic Donald Trump's trade war has been.

02:18He should backtrack, totally backtrack, before we enter a recession.

02:23Specific tariffs that deal with how China treats us, the Chinese government, the Chinese economy treats us,

02:30that's fine, not this crazy, go after everybody, poorly put together, and constantly changing tariff regime.