On Monday, House Minority Leader Hakeem Jeffries, D-N.Y., accused President Donald Trump of deliberately harming the U.S. economy through reckless tariffs, alleging that the policy is designed to benefit the wealthiest donors to the Republican Party and elite financial interests, The Hill reported.
Speaking to reporters at the Capitol, Jeffries said Trump's aggressive tariff strategy, which sparked a massive sell-off on Wall Street and raised fears of a global recession, appears to be part of a broader effort to help rich investors profit during financial distress.
"The Trump tariffs, which are a tax on the American people, are so reckless, so un-strategic, so lacking in any sophistication that the only conclusion that one can draw is that Donald Trump and the Republicans are intentionally tanking the economy," Jeffries said.
"Is it because, as Donald Trump has indicated, that during tough economic times the rich get richer, and it's a buying opportunity?" he added. "Those are Trump's words."
The criticism follows Trump's recent decision to impose sweeping tariffs on a wide range of trading partners — including rivals and allies — to address what he has long described as unfair trade practices. Trump has argued that tariffs are essential for correcting trade imbalances and revitalizing American manufacturing.
The announcement, however, triggered a steep market downturn. In just two days last week, U.S. markets lost more than $6 trillion in value, prompting alarm from economists and lawmakers.
Despite the backlash, Trump and his allies have defended the policy, asserting it will yield long-term gains by attracting global investment and reshoring American industries. Over the weekend, the president encouraged investors to capitalize on the slump.
"To the many investors coming into the United States and investing massive amounts of money, my policies will never change," Trump wrote on Truth Social, the social media platform he owns. "This is a great time to get rich, richer than ever before!!!"
Trump's opponents have seized on those remarks as evidence that his economic strategy prioritizes wealthy elites over working people, even though lower stock prices present a buying opportunity for new market entrants and everyday Americans.
"There's no rational explanation for any of this — except perhaps that there's some scheme that Donald Trump has publicly eluded to, which is that the rich get richer when the economy collapses because there are buying opportunities," Jeffries said. "There's no rational basis otherwise to explain the economic carnage that Donald Trump is visiting on the American people."
Jeffries said he supports targeted tariffs that protect American workers and industries but warned that Trump's sweeping approach has gone far beyond strategic economic policy.
"This is a reckless economic sledgehammer that Donald Trump and compliant Republicans in the Congress are taking to the economy. And the American people are being hurt," he said.
If Democrats regain control of the House in the next midterm elections, Jeffries vowed they would work to reverse any tariffs harming U.S. consumers and businesses.
"We will use every single legislative tool," he said.
Jim Thomas ✉
Jim Thomas is a writer based in Indiana. He holds a bachelor's degree in Political Science, a law degree from U.I.C. Law School, and has practiced law for more than 20 years.
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