Schumer on Trump's new tariffs: A 'huge tax on American families' to 'help billionaires get a tax cut'

Senate Minority Leader Chuck Schumer (D-N.Y.) on Wednesday slammed President Trump’s sweeping new tariffs, calling them a “huge tax” on the average American family.

“This is a huge tax on American families, all — all — to help billionaires get a tax cut,” Schumer said at the Capitol on Wednesday, suggesting the tariffs announced are intended to generate revenue to supplement the cost of extending the 2017 tax cuts.

Trump announced a baseline 10 percent tariff on imports from all foreign countries, as well as higher tariff rates for dozens of nations that the White House deemed the “worst offenders” when it came to trade barriers. He made the announcement at 4 p.m. on Wednesday, speaking from the Rose Garden.

"When Trump announced them at four o'clock, it's even worse than we thought because, in addition to all the other tariffs he's talked about, 10 percent across the board on everything," Schumer said to reporters.

“So when the average American family sits down and tries to figure out how they're going to pay for things, and they hear they may pay $5,000 more than they've had to pay before, and they may not be able to buy a new car, they may not be able to support that new drug that grandma needs, they may not be able to take that vacation they were planning for for a year, they're going to be outraged, and they should be outraged,” the New York Democrat said.

“These tariffs are a disaster for the average American family,” he added.

The 10 percent tariff will go into effect on Friday. About 60 countries facing a higher reciprocal tariff will see those rates go into effect on April 9 at 12:01 a.m. Trump also announced a 25 percent tariff on all foreign-made automobiles that will take effect at 12:01 a.m. April 3.

Among the countries being targeted with reciprocal tariffs are China, Vietnam, Taiwan, Japan, India, South Korea, Thailand, Switzerland, Indonesia, Malaysia, Cambodia and the European Union.