We're continuing to get headlines updates on everything related to trade as the US does get toward that July ninth deadline that is set to be extended to August. First, for tariffs, some headlines that we're just getting in the last few minutes. The US will impose twenty five percent tariff on imports from Kazakhstan, forty percent tariffs on Laos imports. Malaysia will see twenty five percent tariffs on Malaysian products.
South Africa thirty percent tariffs on their products. This comes after earlier this afternoon we heard from the President who said that the US will impose the twenty five percent tariff on goods from Japan and a twenty five percent tariff on South Korean goods effective August. First, I want to bring in Representative Kathy Caster. She's a Democrat who represents the fourteenth District of Florida. It includes Tampa and parts of Hillsboro County. Representative, it's good to have you
with us. Thanks so much for joining us. While we had you on, we had you booked to talk about what Democrats have is their path forward after the passage of what President Trump refers to as the one big beauty bill. We'll get to that in a few minutes. But because of your work with commerce, and because of your work on manufacturing, we got to start with tariffs.
And what we're hearing from the White House right now are tariff's the right way in your view to bring manufacturing back to the United States.
Tariffs can play a very important role when they're targeted and strategic. The problem is that the president is all over the map. This is chaotic. Businesses do not know how to grapple with them and respond. And these recent tariffs announced today against our allies Japan and South Korea and other Asian nations.
You know, we were.
Trying to build a wall to counter China and everything all of their malign activities when it comes to trade.
So I really this is a head scratcher.
Why you build up these tensions with our best trading partners and allies and business owners here cross the state of Florida are wondering that as well.
Why are they facing higher.
Costs at a time when now with the big ugly bill, you're adding almost four trillion dollars to the national debt.
That's also sure to fuel inflation.
We'll talk about the bill in just a minute. One more on tariffs, though, I want to also say the S and PF i've been down about one point one percent. It did fall a little more than that just after we heard from the President via truth Social and the announcement of those additional tariffs or those tariffs, the clarification of those tariffs on those countries that I just mentioned. You did say that if tariffs are targeted, they can play a role in bringing manufacturing back to the United States.
Of the tariffs that the President has implemented or that are implemented right now, which ones do you agree with? Which ones are the right way to bring manufacturing back to the US.
I can't really point to some.
I mean, a few years ago, we had targeted solar modules because we know that the Chinese has been dumping solar panels and all of those kind of and that was one strategic way to at a time when we're trying to reshore all of the clean energy elements to build up our own supply chains that we used.
To own in America.
By the way, you know, a targeted effort like that could be very smart as part of a broad based strategy. And I just don't see a broad based strategic strategy right now when it comes to manufacturing. As a matter of fact, the Big A Bill just throws a branch into the manufacturing boom we had underway in the US.
Well, let's talk about that bill, Trump's big beautiful Bill that you have publicly called the Big Ugly Bill. You've also said that it's fiscally irresponsible and morally wrong and an abdominal transfer of wealth from the working class to the wealthy. What specific provisions in the bill that has now become a lot do you find most troubling.
Well, never before have we adopted a piece of legislation that gives tex cuts to the wealthiest Americans while at the same time you are cutting healthcare for seventeen million Americans, You're taking away food assistance from seniors and veterans and children, You're cutting pelgrants and student loans. So this is completely out of whack, and it's going to be very costly ultimately for many American businesses and definitely American consumers and families.
You know, the bill, though at this point, has become law. So it's essentially what we're talking about is water under the bridge and we'll get to the idea of whether or not democratic leadership did enough to stop this from becoming law. But where do you go? Now? What are you going to do about this?
It will be very important for American businesses and families to understand the impact.
The one one piece of.
It that has not gotten a lot of attention are the energy provisions. You remember, the President ran on a promise that he's going to lower electricity bills. But all of the analysis now say that when you yank back all of the clean energy tax credits, it's a recipe for higher electric costs. All of the analysis coming in say higher electric bills for businesses and consumers alike.
They're throwing a.
Wrench in this manufacturing boom that we had underway due to our climate and clean energy law. We had seen over one thousand factories open across the country, over four hundred thousand jobs created. Now what we're hearing our business cancelations all across the EV battery supply chain. And again, this is not smart because it's a gift to China.
China wants to.
Own, they want the competitive edge on all clean tech manufacturing, and we were just starting to build up our supply chains are manufacturing so that we can work with allies to dominate the clean energy sector. And Republicans and the President now have thrown that all away at a time when we're also grappling with the higher costs and impacts of the climate crisis.
What a tragic situation. In Texas.
My community is still rebuilding from Hurricanes Helena and Milton that was supercharged by hotter Gulf waters. And that you know, climate isn't just about the weather, it's about your wallet. And now they have pretty much said we're not going to be a leader. We're going to see that to China and our Americans are going to have to grapple with rising costs over time. It's really a sabotaging, a self sabotage of this big, ugly bill.
Continuing on the subject of climate here, do you think that the last minute changes that remove the XI tax on wind and solar by that industry, those industries any breathing room.
It helped, but it just wasn't as harmful.
So you would have seen just a complete death knell for clean tech right now if that excise tax had passed. But right now we're going to be grappling with rising cost and closure of factories. And when you're comparing the impacts of tariffs, if tariffs are intended to boost domestic manufacturing in the US, then why in the world would you throw a wrench into our manufacturing boom that we had underway in this country.
Hopefully many of those businesses.
Will hang on, but still China will continue to try to eat away at a competitive advantage. And while we are imposing tariffs on our allies and friends and other countries around the world, China is going to move in and try to develop those partnerships. It's just it's a crazy way to do business, and I'm afraid it's going to cost us a lot.
The Congressman, I want to shift gears and talk a little bit about medicaid and the health aspect of this. Our producer, Elizabeth Cedrin crunch some numbers here and found some really interesting stuff. If you're watching on YouTuber, Bloomberg Television or Bloomberg Originals, you can see here. The yellow is Hillsborough County, Florida. A portion of that which falls which falls into your district. Additionally, other counties as well
are in your district. But if you look at this, a higher portion of folks in this county versus the statewide total are actually on annual Medicaid and CHIP enrollment in the year of twenty twenty four, more than twenty percent versus the statewide of eighteen point seven percent. So clearly a lot of people in your district are going to be affected by this. How do you plan to counter these rollbacks?
This is going to be very difficult.
Hospitals, doctors, nurses, the American Cancer Society, you name it. They oppose these draconian cuts to people's healthcare because it's going to cost lives. The other major impact besides Medicaid, especially here in the state of Florida, that people will feel by the end of the year, is the end to the tax credits for policies offered through the exchange through the Healthcare dot gov marketplace under Obamacare, the Affordable
Care Act. There are four million Floridians that rely on those tax credits that help make their premiums and copays affordable. We have a lot of small business owners, we have a lot of entrepreneurs, many in hospitality, and that has been the go to place for affordable, high quality health insurance. So while the Republicans sneakily said the Medicaid cuts will
happen maybe in a couple of years. What we're going to see in Florida is a real roll back in the ability of folks to afford health insurance for their families. That mean small business owners will have to grapple with that, and our healthcare providers too, who have been waving red flags and saying danger, danger.
This is going to cost lives and it's going to cost money.
We only have about thirty seconds left, but I want to get your take on whether you think Democratic leadership did enough to stop this bill from becoming a.
Law because of the dire consequences. I would say we have not done enough. But this is very unpopular. Everywhere I go. People are very angry. They're saying, we are suffering through an affordability squeeze, and how dare the President and the Congress try to pull one over on us and make our lives more expensive at a time when we really need help in our pocketbooks.
Congress women, really appreciate you taking the time and joining us. Kathy Caster, Representative, a Democrat who represents the fourteenth District of Florida. It includes Tampa parts of Hillsboro County. She voted against the bill, joining us once again from Tampa Congresswoman, Thanks so much much