Senate Minority Leader Chuck Schumer has warned that President Trump's tariffs pose a significant risk to New York City's economy, potentially plunging it into recession. He highlighted the dangers of what he termed Trump's "pinball tariff strategy," which he claims could lead to a direct $20 billion hit to the city’s economy and threaten over 260,000 jobs in crucial sectors including finance, tech, and tourism. Schumer insists that New York City, as a major trade hub, is particularly vulnerable to economic fallout from these tariffs and urges Trump to reconsider his economic strategy. The implications, he warns, could extend beyond the city and affect the nation as a whole.
"President Trump's pinball tariff strategy will wreak total havoc on New York City and is likely to drive us right into a recession. We've crunched the numbers, and what doesn't look good for the nation, looks far worse for New York City."
"Some of the Big Apple's core sectors are being targeted already, New Yorkers face roughly $20 billion dollars in increased costs, and a staggering 260,000 New York jobs are under threat, unless Donald Trump backs off."
"As one of the world's largest trade hubs, Schumer insisted the Big Apple was especially vulnerable to Trump's new tariffs. He argued that JPMorgan's 60% likelihood prediction that the US economy would enter a recession before the end of the year was even higher for the city."
"Back off, President Trump," he said. "What you're doing is ugly. Ugly for New York and ugly for the nation."
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