WASHINGTON—United States Senator Bill Hagerty (R-TN), a member of the Senate Foreign Relations and Banking Committees, today joined Cavuto: Coast to Coast to discuss historic inflation as a result of the Biden Administration’s irresponsible economic policies and the impending consequences if the Administration lifts tariffs on China.
Hagerty on Republican priorities: “In just 15 months, [President] Joe Biden and Democrats have literally shoved us off the cliff in terms of what’s happened to our economy, our southern border, our reputation globally. We have a great many things to talk about, a great many things to stand for that the American public needs, but we need to take control of the Senate and as many state houses as we can.”
Hagerty on inflation precipitated by Biden Administration policies: “Look, we had a negative 1.4 percent [gross domestic product] print last quarter. Things are very challenging right now, as we look going ahead, certainly in the next couple of quarters. Their forward guidance is a tool that they’re using to try to keep the economy from the brink of recession. But the policies that this Administration is putting forward is making the [Federal Reserve’s] job very, very difficult. You remember it was the Biden Administration that shoved through on a completely-partisan basis the spending plan that came through last March of 2021 at a time when, as you said, I was saying this inflation is not transitory. They dumped $2 trillion into the economy. It’s like putting fuel on the fire, and they continue to wage war on American industry, which as you know, has driven prices up all over the country, over $4 a gallon everywhere in America. I’m hearing reports that it could be as high as $8 a gallon by the end of the summer. This is crushing on the economy. Every one of the people in my home state of Tennessee that has to drive to work is feeling this every day. And every good that we buy that has to be transported is feeling the effects of inflation dramatically. The sad thing is the answer is right in front of us: get back into the energy business.”
Hagerty on repercussions of lifting tariffs on China: “I served as Ambassador to Japan while the China tariffs were put in place. I was negotiating at the same time with Bob Lighthizer and his team with the Japanese to put in place a free trade agreement there. Those tariffs were put in place during the Trump Administration, and our inflation rate was below 2 percent. I don’t think that we’re going to see any sort of immediate impact on inflation [by lifting the tariffs], but what we’re going to do is lose our negotiating posture with China. Why would we give up something with China that was worked so hard to obtain for nothing? Again, that’s the typical policy of the Biden Administration, though, just to appease and to capitulate and get nothing in return for America.”