Kentucky's senior Senator Mitch McConnell isn鈥檛 on board with President Donald Trump鈥檚 tariff moves.
McConnell made strong remarks against Trump鈥檚 trade policies during a news conference at Cincinnati/Northern Kentucky International Airport Thursday. It's not the first time he's made such remarks. Just a few days ago, McConnell struck a more wait-and-see tone. "Put me down as not yet convinced that this is the best way to go but we'll see. Maybe it will turn out the way that the president would like for it to turn out, but that is unfolding as we speak," McConnell said.
Trump has levied large tariffs against China, Canada and other countries, as well as smaller across-the-board tariffs. He also has sometimes quickly rescinded them. The moves have triggered uncertainty, big swings in the stock market, and reciprocal tariffs from many U.S. trading partners.
Trump says the tariffs are necessary to re-shore industries that were once common in America. McConnell said the American people are footing the bill.
鈥淚 think it鈥檚 important for people to understand that a trade war is ultimately paid for by tax payers,鈥� McConnell said. 鈥淚鈥檝e never been a fan of tariffs.鈥�
McConnell鈥檚 remarks came after a closed-door meeting with Northern Kentucky business leaders. CVG CEO Larry Krauter, Kentucky Chamber of Commerce President and CEO Ashli Watts, Galerie Candy and Gifts CEO Rick Ross, and Post Glover Resistors President Richard Fields also spoke out against Trump鈥檚 tariffs at the news conference.
鈥淭here are a lot of mom-and-pops who just won鈥檛 survive this,鈥� Ross said. Galerie is based in Hebron. 鈥淩ight now, if small business doesn鈥檛 have a seat at the table to talk about the impact, there won鈥檛 be a lot of small business.鈥�
Both Fields and Ross said they expected some level of tariffs when Trump won his second term last year. But the fast pace of the tariffs and the uncertainty surrounding them have made it difficult to run their businesses. Contracts the companies already have signed were agreed to based on pre-tariff costs for materials, they said. Fields said his company 鈥� which makes equipment for data centers and other electronic products 鈥� saw some of the components his company utilizes go from $200 to $400 or $600.
He said expansion plans the company has made are on hold.
McConnell pointed out two of Kentucky鈥檚 industries he says are suffering under the tariffs: horse racing and bourbon. He said Churchill Downs has .
But the retiring Senate member and former majority leader said under the current federal structure, little could be done by the legislative branch, though he also suggested he thought that should change.
鈥淪hould the president have one-hundred percent authority in this particular area?鈥� he posited. 鈥淚 think Congress should have some input.鈥�
McConnell compared Trump鈥檚 economic policies to those seen in the 1920s and 1930s, when financial calamity spread around the world.
鈥淲e鈥檝e seen this unfold in history in a way that did not work for us or for other countries,鈥� he said. 鈥淭here are some of us who think, 鈥楳r. President, why don鈥檛 we try something different?鈥欌��
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