Sen. Mullin: Have to Address US Trade Deficits 'Now'

The time to address the trade deficits placed on the United States is "now," Sen. Markwayne Mullin, R-Okla., told Fox News Sunday.

Responding to a clip of Sen. Rand Paul, R-Ky., pointing to President William McKinley's Tariff Act of 1890 and warning that such a position taken up by President Donald Trump could prove to be bad both "politically" and "economically," Mullin said he would trust Trump over Paul.

"I would trust President Trump and his handling of the economy way before I would trust Sen. Paul on this. The truth is, we have to do something about it now. We know it has cost us jobs year after year after year, and these countries have taken advantage of us."

In regards to Paul's statement, the congressman did not elaborate in the clip shown by Fox News on how tariffs would be bad politically or economically. Paul, however, a known Libertarian, has expressed he's against tariffs because they are, in effect, a tax.

Mullin, nonetheless, went on to speak for Trump, stating that the president does not want "to start a trade war; he's simply wanting to even the playing field" with reciprocal tariffs.

"Reciprocal tariffs isn't just about the tariffs; it's also access to our economy," Mullin added. "I say this all the time: but Japan charges 0% [tariffs] on selling U.S. auto vehicles in Japan. But we can't sell them because the access to [their] economy is closed. So, it's not just tariffs; it's the rules that prevent us from being able to do business in their country like we allow them to do business in our country."

While Paul did not elaborate on tariffs' political impact, they could drive up rent-seeking behavior, whereby lobbyists seek to extract earmarks on legislation to corner a position in the market.

According to American economist David R. Henderson, people perform rent-seeking behavior "by getting a subsidy for a good they produce or for being in a particular class of people, by getting a tariff on a good they produce, or by getting a special regulation that hampers their competitors."

• The Truth About Trump's Tariffs, & How They'll Impact Our Economy
• Here's What Tariffs Are and How They Work