Schumer warns Trumps tariffs will destroy NYCs economy, drive recession: What youre doing is ugly

Senate Minority Leader Chuck Schumer on Monday warned President Trump’s tariffs will destroy New York City’s economy and likely plunge it right into a recession — as he urged the commander in chief to “back off.”The New York Democrat claimed Trump’s “pinball tariff strategy” could result in a nearly $20 billion direct hit to the Big Apple and threaten hundreds of thousands of jobs.“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,” Schumer, 74, said.“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,” Schumer added.“Back off, President Trump,” he said.

“What you’re doing is ugly.Ugly for New York and ugly for the nation.”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 because the tariffs threatened to knock out top industries — from finance, tech and accounting to tourism and fashion.Schumer insisted the European Union was already seeking to retaliate directly at the financial sector, among others, and that Asia would likely be next.“The market continues to crash.

Millions of New Yorkers who put money in their retirement accounts are seeing the market down to 10% since so-called ‘Liberation Day’.People don’t feel very liberated,” he said.

“Now Trump tariffs are likely to drive New York right into a recession — and it’s going to be worse for New York City and its suburbs.”Challenging Trump directly, Schumer said: “Put down t...