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.

Topics

McConnell on screaming matches with Trump: 'We had a candid relationship'

Former Senate Republican Leader Mitch McConnell (Ky.) said he had “candid” conversations with President Trump when asked about reports that he and Trump got into “screaming matches” during the ...
The Hill - 2h
As markets buckle up for Trump tariffs, these global sectors brace for a rough ride

U.S. President Donald Trump has jolted global markets with an earlier-than-expected and stringent implementation of tariffs on China, Canada and Mexico.
CNBC - 2h
Trade War Heats Up After Trump Orders Tariffs and Canada Retaliates

Amid warnings of price increases, Canada moved quickly to retaliate, China said it had planned countermeasures and Mexico said it would soon unveil its response.
The New York Times - 2h
What are tariffs and will prices go up?

The cost of cars, fruit and pharmaceuticals could increase because of Trump's tariff announcement.
BBC News - 3h
US businesses brace for Trump's tariffs to drive up costs

From an ice cream parlor in California to a medical supply business in North Carolina to a T-shirt vendor outside Detroit, U.S. businesses are bracing to take a hit from the taxes President Donald ...
ABC News - 1d
Tariffs Could Inflate Food Prices Despite Trump Pledge to Lower Costs

Though Trump pledged to lower grocery prices, tariffs could raise prices.
Inc. - 1d
McConnell: Trump pardons a 'mistake,' Jan. 6 'an insurrection'

Former Senate Republican Leader Mitch McConnell (R-Ky.) said it was a “mistake” for President Trump to pardon individuals convicted of crimes connected to the attack on the Capitol on Jan. 6, 2021. ...
The Hill - 2h
EU will stand up for itself in face of Trump tariffs threat, Macron says

French president and other leaders call for cooperation with Washington but vow a robust response if needed. Trump tariffs live – latest updates Europe live – latest updates The EU will ...
The Guardian - 4h
Mitch McConnell expects to back "most of" what the Trump administration does

Sen. Mitch McConnell answers questions about the Supreme Court, the Jan. 6 pardons, his relationship with President Trump, and more during a wide-ranging conversation with Lesley Stahl.
CBS News - 17h
Sen. McConnell on plans amid President Trump's onslaught of executive orders

Sen. Mitch McConnell, who's had a contentious relationship with President Trump, says that he plans to speak out for what he believes in, but will likely support most of the administration's goals.
CBS News - 17h
Republicans downplay worries about rising costs due to Trump’s tariffs

Homeland Security Secretary Kristi Noem on Sunday defended President Donald Trump's decision to impose tariffs on China, Canada and Mexico, saying in an interview: "Economically, yes, they will, ...
NBC News - 1d
Trump tariffs on Canada, Mexico and China to start Saturday. Here’s why they may be ‘just the warm-up.’

President Donald Trump and his press secretary said Friday that tariffs on Canada, Mexico and China will come on Saturday, with Trump stating that there’s no way those countries can avoid the levies.
MarketWatch - 2d
Canada 'will stand up to a bully', says PM contender Carney over Trump tariffs

The prime ministerial candidate responds to Donald Trump imposing 25% tariffs on Canada.
BBC News - 2d
Sen. Mitch McConnell says he expects to support most of Trump's second term agenda

Leslie Stahl sits down with Sen. Mitch McConnell for an interview airing in full on "60 Minutes" to discuss his support for President Trump's policies and more.
CBS News - 2d
Trudeau says Canada 'won't back down' as Trump ups tariff threat

Prime Minister Justin Trudeau said Canada “won’t back down” from President Trump’s threat to impose a 25 percent tariff and that Ottawa will respond accordingly until they are removed. “We're ...
The Hill - 2d
Omnitron Sensors’ MEMS could rid us of the spinning tops on self-driving cars (and lower costs too)

Omnitron Sensors, which makes MEMS sensor chips, has raised $13 million to create inexpensive sensors for self-driving cars.
VentureBeat - 4d
Here’s how much gas could cost you if Trump’s threatened tariffs go through

President Trump has threatened to place 25% tariffs on Canada and Mexico as soon as this Saturday, potentially disrupting the relatively stable prices drivers have been paying for gasoline during a ...
MarketWatch - 5d
ASML CEO sees low-cost AI models like DeepSeek driving more demand — not less

Without addressing the specifics of DeepSeek's model, ASML CEO Christophe Fouquet told CNBC he sees no sign of a slowdown in demand for AI chips.
CNBC - 5d
Amid Trump's tariff threats, Colombia sends plane to pick up 110 deported citizens

President Donald Trump posted threats against Colombia on his social media platform on Sunday after two U.S. military repatriation flights were prevented from landing.
ABC News - 6d
What are the costs of Trump's immigration crackdown?

President Trump's administration is carrying out nationwide immigration raids conducted by U.S. Immigration and Customs Enforcement. Jeremy Robbins, executive director of the American Immigration ...
CBS News - 6d
Trump Wants to Impose 25% Tariffs on Colombia. Here’s What Could Cost More.

Colombia is a relatively minor trading partner to the United States, but some industries are much more exposed than others.
The New York Times - Jan. 26
Trump tariff talk is heating up on Wall Street, signaling a rocky road ahead for investors

S&P 500 companies’ mentions of tariffs on earnings calls have surged, according to Citi Research.
MarketWatch - Jan. 25
Bird Flu in U.S. Is Creating Egg Shortages and Driving Up Prices

Avian influenza has led to a shortage of eggs and wholesale prices that are through the roof. Consumers can expect to feel the pain for a while.
The New York Times - Jan. 24
McConnell: 'Alarming' some Trump Pentagon hires survived vetting process

Sen. Mitch McConnell (R-Ky.) said it was “alarming” that some of President Trump’s new hires in the Pentagon survived the vetting process. McConnell is urging the Trump administration to “steer ...
The Hill - Jan. 23
Why are the costs of eggs and gas going up again?

The costs of eggs and gas are on the rise again. NBC’s Christine Romans joins TODAY to break down how the global market and a bird flu crisis are impacting the prices.
NBC News - Jan. 23
McConnell criticizes Trump Jan. 6 pardons

Former Senate Minority Leader Mitch McConnell (R-Ky.) criticized President Trump for pardoning roughly 1,500 people who were arrested during the Jan, 6, 2021, riot at the Capitol, including some ...
The Hill - Jan. 21
EU gears up for tariffs and Ukraine peace plans on Trump’s first day

Also in this newsletter: How criminals are circumventing the crackdown on cocaine smuggling in Antwerp
Financial Times - Jan. 20
Trump's Tariff Threats Push Europe to Gear Up for Trade Fight

U.S. duties could nudge the European Union toward protectionist measures and away from free trade.
The Wall Street Journal - Jan. 19
BP axes 4,700 jobs in cost-cutting drive

UK energy major under pressure from shareholders to turn around its performance
Financial Times - Jan. 16
Oil major BP to cut thousands of jobs in cost-saving drive

British oil major BP on Thursday said it is planning to cut thousands of jobs as part of a major cost-cutting drive.
CNBC - Jan. 16
Americans stocking up on foreign goods before Trump tariffs: ‘a sense of urgency’

As inauguration day approaches, consumers scooping up iPads, building supplies, shelf-stable foods and electric cars. Tablets and appliances made in China, hybrid cars built in Canada, European ...
The Guardian - Jan. 11
High cost of weight loss drugs drives employers to require nutrition counseling, in boost for startups

Startup Virta Health saw 60% revenue growth last year, topping $100 million, driven by demand for its employer weight loss management program.
CNBC - Jan. 10
Trump will struggle to drive down oil prices

Energy production in the US will rise but more of the output will be gassy
Financial Times - Jan. 9
These 4 Factors Are Driving Up Worker Productivity

U.S. businesses are benefitting from hybrid work, fewer meetings, better AI use, and more startups, increasing total output and offsetting post-pandemic wage increases.
Inc. - Jan. 8
Trump ‘considering national economic emergency declaration’ to allow new tariffs; UK 10-year borrowing costs highest since 2008 – business live

Bond selloff drives yield on 10-year UK bonds to highest since 2008 financial crisis. Rise in UK borrowing costs could push Reeves to new public spending cuts Two UK investment trusts have ...
The Guardian - Jan. 8
Trump's trolling and tariffs sped up Justin Trudeau's demise. How will Canada handle Trump now?

Canadians woke up Tuesday to an uncertain future, after Prime Minister Justin Trudeau said he would resign and bring his near-decade in power to an end.
NBC News - Jan. 7
Driving into Manhattan? That’ll Cost You as Congestion Begins

Congestion pricing is intended to reduce traffic gridlock and fix New York’s public transit infrastructure.
Inc. - Jan. 5
UK businesses plan price increases as Budget drives up costs

Tax and wage rises have caused confidence to ‘slump’, warns British Chambers of Commerce
Financial Times - Jan. 5