Rand Paul: Graham Bill Threatening Tariffs On Purchasers Of Russian Oil 'One Of The Most Dangerous'

Forbes Breaking News

Sen. Rand Paul (R-KY) slams Sen. Lindsey Graham's (R-SC) bill threatening massive tariffs on anyone who buys oil from Russia.

Transcript

00:00The President's tariff policy, you just saw some news about prices increasing.

00:06What's the reaction to that?

00:08I think there's more to come.

00:10A lot of people and a lot of people in business who make their goods overseas

00:13tell me that prices haven't changed because they had contracts.

00:17So if you make clothing in Vietnam and you sell it in a retail store here,

00:22you may have a contract that's three or six months until you can change the price.

00:26So the prices have been rising, but they haven't been able to place that burden yet.

00:29On the consumer, most of these retailers have very, very small, small margins.

00:34So I think eventually the prices do come to the consumers.

00:36I think there is a consumer beginning to see a lack of consumer confidence.

00:41But will we also see businesses pulling back and businesses saying,

00:45well, I'm not sure if I want to invest.

00:46I'm not sure I want to have another store right now with prices rising.

00:50In addition to this, the Lindsey Graham bill is one of the most dangerous bills ever to come before the Senate.

00:56It allows for 500% tariffs on anybody who buys oil and gas with Russia.

01:01Now, the hawks in the Senate in both parties beat their chest and say,

01:06well, we will tell them, we will tell them what to do.

01:08But what do you think China's response will be when we tell them not to buy oil and gas from Russia?

01:14They're just going to say we don't care and we're going to continue.

01:16But what happens when we have a 500% tariff on China?

01:19No more trade with China.

01:21It will be an immediate cessation of trade.

01:23But it's not just China. India buys a lot of oil and gas.

01:26So does Turkey. They're the top three purchasers.

01:29Are we really going to have an embargo on India and on Turkey as well?

01:33Half of the EU buys oil and gas from Russia.

01:35Many of them can't immediately shift.

01:38So it's a really, really terrible bill.

01:40But built on this authority, this idea that tariffs can be a good thing for trade,

01:45but tariffs can also be very disruptive.

01:47What about President Trump's 100% tariffs on Russia?

01:51That's along the same lines.

01:52He was looking at the Lindsey Graham bill and saying maybe we don't need Lindsey Graham's bill.

01:56We'll do 100%.

01:57100% is essentially prohibitive.

01:59We already have, like on China, I think it's about a 30% tariff now.

02:02It's hard to tell because it changes from day to day.

02:05But you have a 30% tariff and then you add to it a 100% tariff.

02:08What do you think that means?

02:10No trade with China.

02:10And most people think that if you abruptly aid with China, that you're going to have real

02:16dislocations, real problems, and a significant increase in prices.

02:20Do you have any concerns about the Epstein matter, how the President's handling this?

02:23I'm not an Epstein expert.

02:24Sorry.

02:25No problem.

02:26You said the best.

02:26You might have any concerns about it.

02:27Here we go with Michael.

02:27What do you think?

02:27Welcome to the Epstein matter.

02:29Amen.

02:29Love you, like this.

02:29Bye-bye.

02:30Bye-bye.

02:35Bye-bye.

02:38Bye-bye.

02:42Bye-bye.

02:43Bye-bye.

02:48Bye-bye.

02:50Bye-bye.

02:52Bye-bye.

02:53Bye-bye.

02:54Bye-bye.

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