Gene Sperling: The Tariff Is ‘Overwhelmingly Being Paid by Americans,’ Trump’s Recognizing That His Policies Are Raising Prices

RUSH TRANSCRIPT:
TAPPER: “Let me ask you about something else having to do with the tariffs. This is something the President Trump just said. Every American would be interested in. It.”

Trump: “You have so much money coming in. We‘re thinking about a little rebate. But the big thing we want to do is pay down debt. But we‘re thinking about a rebate.”

TAPPER: “All this money that‘s coming in, I assume he‘s talking about the tariffs. Where is that money coming in from?”

SPERLING: “So that money is overwhelmingly being paid by Americans. Through higher prices because of the tariffs There‘s two ways it gets paid. One is that companies pay it. They eat part of it. But most people believe that 70% though Goldman Sachs now saying perhaps half, at least half of it is paid for with consumers. It‘s a tax on consumers. So it‘s an odd thing. He‘s kind of now recognizing that his policy is raising taxes and prices and saying, well, maybe we should give back some. So he‘s been all over the map. But the biggest thing is you can give people a rebate. We did so in the pandemic three times, but it does increase the deficit. So for everybody who‘s been concerned about deficits increases, if the president decides to do that and can pass it, it‘s going to be another hit on the deficit and more concern about the U.S. financial stability and higher interest rates, which is exactly what he seems to be arguing against.”