Tennessee's Senior Senator says not only will the Trump Administration's tariff policy hurt Tennessee, it already has.
"Here we have Electrolux, which employs 2600 people. They planned a $250 million expansion," Sen Lamar Alexander (R-TN) told Newschannel5 today in Springfield. "As soon as the announcement about a 25% tariff on imported steel came, they stopped that expansion. That means fewer jobs in Robertson County."
And it doesn't stop with manufacturing or Tennessee's bustling auto industry. Everything from farmers to distillers will feel a pinch, says Sen. Alexander:
"One third of all our soybeans are bought by China."
The tariff issue came to a head Friday after the U.S. announced a 25% tariff on about $50 billion worth of Chinese goods. President Donald Trump (R) called the trade situation "unsustainable" but Alexander says a trade war only makes things worse.
"Tariffs are not a good tool. It's like shooting yourself in both feet," because higher prices for commodities means "fewer revenues, fewer profits, fewer jobs, and lower wages."
Sen. Alexander says he spoke with the President about this issue during his last visit to Nashville but was unable to persuade him.