House Minority Leader Hakeem Jeffries (D-N.Y.) didn’t hold back on Monday when he slammed President Donald Trump for deliberately crashing the economy to benefit the rich. Jeffries said Trump’s approach to tariffs is hurting everyday Americans, all while giving the wealthy an opportunity to cash in.
The Democratic leader argued that Trump’s tariffs—taxes on the American people—are so poorly planned and reckless that there’s no way to explain the damage they’re causing other than the fact that Trump and the Republicans might be intentionally sabotaging the economy.
“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 told reporters at the Capitol.
He went further, quoting Trump’s own words: “Is it because, as Donald Trump has indicated, that during tough economic times the rich get richer, and it’s a buying opportunity? Those are Trump’s words.”
Trump has long criticized America’s trade partners for unfair business practices and has seen tariffs as the key to fixing those imbalances. However, his aggressive use of tariffs has gone against the traditional Republican stance on free trade. Despite many in his own party warning against the move, Trump pressed on.
Last week, Trump introduced major tariffs on both friendly and adversarial trading partners, causing the stock market to plunge. In just two days, the market lost over $6 trillion in value. While Trump and his supporters argue this will lead to long-term benefits, Jeffries and others see it very differently.
Trump himself even suggested that the market downturn could be a prime opportunity for investors to make a fortune. “To the many investors coming into the United States and investing massive amounts of money, my policies will never change,” he posted on his Truth Social platform. “This is a great time to get rich, richer than ever before!!!”
Critics of Trump say that his actions directly contradict his 2016 campaign promises, where he vowed to help working families, not the wealthy elite.
“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 stated. “There’s no rational basis otherwise to explain the economic carnage that Donald Trump is visiting on the American people.”
Jeffries also emphasized that tariffs can work when they’re carefully targeted to benefit American businesses and consumers. But he made it clear that Trump’s approach isn’t helping anyone except the rich.
“This is a reckless economic sledgehammer that Donald Trump and compliant Republicans in Congress are taking to the economy. And the American people are being hurt,” Jeffries said.
Looking ahead, Jeffries promised that if Democrats take back control of the House in the 2026 midterms, they would work to undo the damage caused by these tariffs, using “every single legislative tool” to protect American consumers and businesses.
