McConnell: Trump tariffs 'will drive the cost of everything up'

Former Senate Republican Leader Mitch McConnell (R-Ky.) is warning that President Trump’s 25-percent tariffs on Canada and Mexico “will drive the cost of everything up” and wondering, “Why would you want to get into a fight with your allies?”

McConnell offered his candid views about Trump’s economic agenda during an interview with Lesley Stahl on CBS’s “60 Minutes.”

“It will drive the cost of everything up. In other words, it will be paid for by American consumers. I mean, why would you want to get into a fight with your allies over this?” McConnell asked.

Kentucky-made peanut butter such as Jif, which is made in Lexington, as well as bourbon, one of Kentucky’s best-known exports, are expected to hit by retaliatory tariffs.

Trump also announced a 10-percent tariff on goods imported from China.

The United States imports more than $1 trillion in products from Canada, Mexico and China, combined.

McConnell made it clear before the election that he’s “not a fan for tariffs.”

“I’m not a fan of tariffs. They raise the prices for American consumers. I’m more of a free-trade kind of Republican that remembers how many jobs are created by the exports that we engage in. So, I’m not a tariff fan,” McConnell said in September when asked by The Hill whether he was concerned about the potential economic impact of Trump’s proposed tariffs.

Stock market futures were down by 1.5 percent across the board Monday morning after Trump announced his tariffs on Friday.

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