WARNOCK SLAMS ECONOMIC FAILURE OF TRUMP'S TARIFF TAXES DURING SENATE BANKING HEARING

The following information was released by Georgia Senator Reverend Raphael Warnock:

Senator Reverend Warnock questioned Treasury Secretary Scott Bessent on the administration's tariff taxes killing manufacturing jobs across Georgia and the country

The hearing follows reporting that the United States has lost 72,000 manufacturing jobs since the start of President Trump's trade war

Since taking office in 2025, President Trump's trade policies have cost Georgia families an extra$1,700a year

Senator Reverend Warnock on WSJ reporting: "U.S. manufacturing is in retreat, and Trump's tariffs aren't helping"

Watch Senator Reverend Warnock at Thursday's Banking Committee hearingHERE

Today, during a Senate Banking Committee hearing, U.S. Senator Reverend Raphael Warnock (D-GA) pressed Treasury Secretary Scott Bessent on the Trump administration's failed attempts to create American manufacturing jobs. Thanks to President Trump's reckless trade and tariff policies, the cost of living under the current administration has ballooned over the last year while costing America 72,000 manufacturing jobs. Since taking office in 2025, President Trump's policies have raised the price of household essentials, costing Georgia families an extra$1,700a year.

"Manufacturers shed workers in each of the eight months after President Trump unveiled his tariffs on what he called Liberation Day,"said Senator Warnock."I would submit that it's a strange liberation and a curious freedom that leaves you unemployed. Even worse, smaller businesses are struggling to keep up with the tariff chaos.

President Trump's trade agenda has also been a disaster for job growth in the United States specifically manufacturing jobs. Since April 2025, the United States has lost72,000 manufacturing jobs. These policies are particularly hurting Georgia small businesses who have been forced to make difficult decisions about their bottom lines. President Trump has repeatedly claimed his policies are driving growth, but data shows that is not true. The U.S. economyadded only 50,000 jobsa month in 2025, a 70% decline from 2024 when monthly job gains averaged 168,000.

Senator Warnock continues to push back against the Trump administration's reckless tariff policy and the uncertain market conditions it creates for Georgia businesses. As ranking member of the Finance Subcommittee on Trade, Customs, and Global Competitiveness, the senator has oversight jurisdiction over federal trade policies and continues to work to foster a financial climate that will bolster the Georgia economy.

Watch the Senator's full remarksHERE.

See below a transcript of key exchanges between Senator Warnock and Secretary Bessent (remarks have been lightly edited for clarity):

Senator Reverend Warnock (SRW): President Trump promised that his administration would usher in a "golden age of American manufacturing" in September 2024 at a rally in my home state of Georgia. Donald Trump said, "We're going to have a manufacturing boom." Secretary Bessent, we're now more than one year into the Trump administration. Yes or no has there been a manufacturing boom in the United States?

Secretary Bessent (SB): There are the beginnings of a manufacturing boom. We have intentions, factory groundbreakings, sir.

SRW: So your answer to that is yes, there's been a manufacturing boom?

SB: We are at the beginning of a manufacturing boom.

SRW: Okay, you and I could agree to disagree, but more importantly, manufacturers are telling us something different. Manufacturers are struggling because of the President's policies, and that's what they keep telling us, and the facts keep telling us. In fact, just this past Monday, the Wall Street Journal published this article entitled "U.S. Manufacturing is in Retreat" and Trump's tariffs aren't helping. [...] Secretary Bessent, do you know how many manufacturing jobs the United States has lost since "Liberation Day" in April 2025 when the President first announced his tariffs?

SB: Yes, Senator, because you were out of the room, but it was already brought up.

SRW: We do many things. I don't need you to tell me where I was.

SB: 72,000. And I will point out that the Wall Street Journal is not called the Main Street Journal. And they care more about [inaudible crosstalk]

SRW: Sir I am not asking you to opine on the Wall Street Journal. I have three minutes. Just answer the questions that I'm actually asking you. So, 72,000 manufacturing jobs according to the Federal Reserve Bank of St. Louis. Thank you for answering the question. Manufacturers shed workers. Shed workers in each of the eight months after President Trump unveiled his tariffs on what he called Liberation Day. I would submit that it's a strange liberation and a curious freedom that leaves you unemployed. Even worse, smaller businesses are struggling to keep up with the tariff chaos. Big manufacturers may have the resources to shift suppliers, and I need you to understand the spirit of my questions. I spend a lot of time talking to the people in Georgia who've given me the great honor of representing them in the United States Senate. And so this is about them, and especially our small businesses. They don't have the ear of the president. They don't have access to Mar-a-Lago, and so they're not able to insulate their company from the worst of the tariffs. Secretary Bessent, small businesses without the same resources or unfettered access to the President. What should those businesses do for the relief if they can't get into Mar-a-Lago?

SB: Again, sir, small business confidence is up, and we are seeing that the One Big Beautiful Bill gives the full expensing for equipment, factories, and ag structures.

SRW: They are telling us that it's more expensive to make basic things. We are moving in the wrong direction. The president lies often, but the facts don't lie. If you're saying we're at the beginning, basically your answer to those small businesses is wait a little while. Is that the answer?

SB: You ask about manufacturing?

SRW: That's right. I'm asking about this manufacturing boom.

SB: We are going to see it. I was just in my home state, Senator Scott's state, South Carolina, where we are seeing a boom there. And I believe Georgia has very good pro-business policies. I'm sure you will see a boom there also. The factory build intentions are quite high.

SRW: I'll tell you what I see. I see as I talk to folks that it's more expensive to build things in America. I see that we've lost 72,000 jobs a year into this administration. We've lost manufacturing jobs every month since he called for Liberation Day. And meanwhile, folks who are working in these small businesses are trying to make their lives work. They're seeing higher costs. They're seeing their costs go up for groceries. They're seeing their costs go up for electricity. They're seeing their costs go up for health care. And I think the American people are still waiting for a solution. So far, we haven't seen one coming out of this Trump tariffs regime. The Baptist preacher is done, and I have no time left, thank you very much Mr. Secretary.