During a recent appearance on Fox News, Senator John Kennedy (R-LA) reportedly expressed concern over the economic impact of President Donald Trump’s tariffs, especially following China’s retaliatory 34% tariff on U.S. goods.
Despite efforts from the show’s host, Harris Faulkner, to present a positive spin on the situation, Kennedy highlighted significant drawbacks, notably the financial losses Americans are incurring in the stock market.
Kennedy acknowledged the uncertainty surrounding the tariffs, stating, “We’re in uncharted waters,” which refers to both the current economic climate and the unknown responses from other nations.
While he supports the president’s long-term goals of encouraging foreign businesses to relocate to the U.S. and hire American workers, he cautioned against the immediate consequences on the economy.
Kennedy pointed out that approximately 62% of Americans have investments in the stock market, and the phenomenon known as the “wealth effect” means that as stocks decline, consumer spending typically decreases.
This trend could negatively influence GDP, leading to broader economic concerns.
He remarked, “What’s happening is not good,” and emphasized his reluctance to sugarcoat the situation.
Despite the stock market’s struggles, Kennedy reassured viewers that the fundamental aspects of the U.S. economy remain sound, citing a recent positive jobs report and expressing confidence in the nation’s economic resilience.
In a colorful comparison, Kennedy likened tariffs to whiskey: “A little whiskey, under the right circumstances, can be refreshing—but too much whiskey, under the wrong circumstances, can make you drunk as a goat.”
This metaphor underscored his belief that while tariffs may have some benefits, excessive reliance on them could lead to detrimental effects.
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