"We stand to lose in a big way"
Senator Rand Paul has warned that the US is in grave danger of coming out second best if President Trump pursues a trade war through tariffs.
Appearing on Fox News, Paul outlined his disagreement with Trump's trade proposals.
"[A] tariff is a tax, and typically Republicans, conservatives, have not been for more taxes. So, I'm against new tariffs. They're simply a tax on the consumer." the Senator said.
Paul argued that the tariff plan is "the wrong thing to do."
"If you look at steel use in our country, there are 60 people purchasing steel for every person making steel in the country. So, there's a lot of people who purchase steel that are going to be hurt by this." the Senator explained.
"My state alone exports $20 billion worth of products, including a lot of farm and agricultural products. And if there's a trade war, we stand to lose in a big way." Paul continued.
"And really, the United States will lose in a trade war." Paul urged.
Trump signaled last week that he will seek to impose sweeping tariffs of 25% on imported steel and 10% on imported aluminum, in a bid to recoup billions of dollars lost each year, given that the US imports more than it exports from countries like China and Mexico.