Republican Senator: Tariffs May Spur 'Political Decimation' of Party
File photo: Senator Rand Paul speaks during a press conference on December 20, 2022 in Washington, D.C. Chip Somodevilla/Getty Images
S E E D E D C O N T E N T
Republican Senator Rand Paul of Kentucky predicted that President Donald Trump's tariffs could lead to the "political decimation" of the Republican Party.
Newsweek reached out to the U.S. Treasury for comment via email.
Why It Matters
President Donald Trump on Wednesday announced sweeping tariffs for countries across the globe. Trump and supporters of these tariffs argue they are necessary to restore U.S. manufacturing, but many economists have warned that it will only amount to a new tax on U.S. consumers for many goods as companies pass off the additional expense.
Paul was one of four GOP senators who joined Democrats who voted to oppose Trump's tariffs on Canada on Wednesday and is one of few Republicans in Congress who are opposing his tariffs.
What To Know
Paul warned that, if history is any indicator, tariffs won't play out well for the Republican Party in remarks reported by Fox News on Wednesday.
"Tariffs have also led to political decimation," Paul said. "When [former President William] McKinley most famously put tariffs on in 1890, they lost 50 percent of their seats in the national election. When [Smoot-Hawley] put on their tariff in the early 1930s, we lost the House and the Senate for 60 years. So they're not only bad economically, they're bad politically."
In 1890, then-Representative William McKinley, a Republican, led the charge for new tariffs to protect manufacturing interests. Later that year, Republicans did suffer losses in the House of Representatives, losing 93 seats to Democrats and the Populist Party.
After the Smoot-Hawley Tariff Act of 1930, which many economists say worsened the Great Depression, Republicans did struggle in elections for decades. From 1930 to 1995, they only held a House majority for two nonconsecutive terms, and the Senate for only six terms, amounting to about 12 years.
Robert Y. Shapiro, professor of political science at Columbia University, told Newsweek the tariffs will be "very costly" to Republicans in the midterms if they lead to higher prices, unemployment or a decline in economic growth.
Tariffs, Shapiro said, are likely to be the "biggest issue" of the election.
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Republican Senator Rand Paul of Kentucky predicted that President Donald Trump's tariffs could lead to the "political decimation" of the Republican Party.
Is he right?
... at this point, who cares what happens to them.
Actually a lot of Americans do!
President Donald Trump on Wednesday announced sweeping tariffs for countries across the globe.
Trump and supporters of these tariffs argue they are necessary to restore U.S. manufacturing, but many economists have warned that it will only amount to a new tax on U.S. consumers for many goods as companies pass off the additional expense.
"Tariffs have also led to political decimation," Paul said. "When [former President William] McKinley most famously put tariffs on in 1890, they lost 50 percent of their seats in the national election. When [Smoot-Hawley] put on their tariff in the early 1930s, we lost the House and the Senate for 60 years. So they're not only bad economically, they're bad politically."
In 1890, then-Representative William McKinley, a Republican, led the charge for new tariffs to protect manufacturing interests. Later that year, Republicans did suffer losses in the House of Representatives, losing 93 seats to Democrats and the Populist Party.
After the Smoot-Hawley Tariff Act of 1930, which many economists say worsened the Great Depression, Republicans did struggle in elections for decades. From 1930 to 1995, they only held a House majority for two nonconsecutive terms, and the Senate for only six terms, amounting to about 12 years.
I never, ever thought I would say that I hope Rand Paul is right.
About time. Every single time a Republican is in office, especially with a Republican majority, they crash the economy.
Then angry voters turn on Republicans and their harmful policies and elect a Democrat to fix it and they do actually fix it. Clinton left a budget surplus.
Then Republicans rev up the culture war propaganda machine, get back in office and crash the economy again.
Just ONCE can we all just get along and vote for a Democrat regardless of partisanship so we can get the economy back on track.
Republicans are NOT balancing the budget they stealing from taxpayers and raising the debt ceiling to hand billionaires money they don't need while America tanks.
Absolute b.s.
George H.W.Bush left a booming economy for Bill clinton
Bill Clinton left an economy entering recession for George Bush
Bush did the heavy work recovering from the 2008 recession and Obama left a rapidly slowing economy for Trump..
Ending the the gold standard and allowing the value of the dollar to float was intended to address the problems associated with the Smoot-Hawley Tariff Act of 1930. Today's economy is nothing like the economy of the 1930s or 1890s. Back then the availability of credit was tied to gold. No gold, no credit. There aren't any such constraints on today's economy. So, the comparison really is apples & oranges.
Yes, the neoliberal Republicans are being removed from the party. Trump's tariffs are forcing the Republican Party to become the party of organized labor and the working class. The working class is who is supposed to benefit from tariffs. McKinley imposed tariffs because that's what labor wanted. the Smoot-Hawley Tariff Act was intended to keep US dollars inside the US for the benefit of the working class.
It was the working class that took care of the poor and needy. And the working class has suffered since Bill Clinton gifted the economy to the rich and opened the borders to Free Trade. It's not a secret that working class has declined as the country's trade deficits increased. It is a historical fact that economic disparities between the working class and rich have grown exponentially with Free Trade. The situation has gotten so bad that the working class has difficulty meeting its own needs and there's little left over for the poor. That's what no-tariff Free Trade has given the United States.
Why doesn't anyone talk about Richard Nixon's Prosperity with Peace tariffs? Trump's actions more closely resemble Nixon's Prosperity with Peace initiative of 1971 than anything done by McKinley or Hoover. And Nixon's initiative did provide positive benefit. Just because Nixon's legacy has been overshadowed by Watergate doesn't mean his policies were ineffectual.
I have known several Republicans who think Nixon was a wonderful president!
Can't wait to watch Anti-tariff democrats turn around and support raising taxes on workers and businesses in a few months.
Why are you so anxious to see taxes raised on workers and businesses?
Did you post that to the wrong person? It's not related to what I wrote.
Not that long ago, democrats liked tariffs, but because the president's name is now Trump.........
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