Senator Edward J. Markey, the ranking member of the Senate Small Business and Entrepreneurship Committee, spoke on the Senate floor to express his opposition to tariffs introduced by former President Donald Trump. These tariffs are scheduled to take effect on August 1.
Markey criticized the tariff policy, stating: “Trump used a faulty formula to establish tariff rates that made no economic sense, whacked our allies, and placed tariffs on an island with no people – just penguins. Trump’s country-specific tariffs lasted just one week until Trump paused them, promising ‘90 deals in 90 days.’ Well, here we are on Day 112 and how many actual legally binding, enforceable trade deals do we have? Zero."
He further commented on the lack of concrete trade agreements resulting from these policies: “What we have instead is press events announcing ‘frameworks,’ ‘contours,’ and ‘concepts' for trade deals. All are fragile and subject to Donald Trump’s latest whim. This chaos by Trump and Republicans has left small businesses twisting in the wind.”
Markey highlighted concerns from small business owners about the impact of tariffs on their operations as they prepare for the holiday season. He said: “Small toy companies and mom and pop game stores in my state and across the country are begging for certainty now so they can place orders for the holiday season. Trump thinks tariffs on toys will just mean Americans buy fewer dolls. Well, that is not how it’s going to work. A small independent toy and game store won’t just sell fewer dolls, they are going out of business. Trump’s tariffs will be the grinch that stole Christmas this year.”
To address these issues, Markey referenced legislation he previously introduced: “To give businesses relief and certainty, I came to the Senate Floor 70 days ago to offer my Small Business Liberation Act. My bill would have provided small businesses relief from Trump’s disastrous, destructive, small business-killing tariffs that have been turning Main Street into Pain Street for the past four months. My bill would have provided certainty to the constant whiplash and chaos that is President Trump’s tariff policies by exempting small businesses from the baseline 10 percent tariffs and the country-specific tariffs that have been on a pause since April 9th.”
He called upon his colleagues in Congress to support his legislative efforts: “So, to my Republican colleagues, if you say you’re for small business, prove it. If you say you support Main Street, protect it. Join me in passing the Small Business Liberation Act. Let’s give small businesses the certainty they deserve. And let’s stop letting Trump turn trade policy into a demolition derby.”
