Show-Me State Times

U.S. Senator Eric Schmitt (R-MO) appeared on CNN’s The Source to discuss President Trump’s economic policies and the rescissions package currently under consideration in the Senate.

During the interview, Schmitt addressed recent trends in inflation and commodity prices. He stated, “No, I think what was excluded from the numbers is that fuel prices are down, gas prices are down…commodities prices are down, and transportation costs are down. If you take the core inflation numbers, which is the more steady indicator of the trajectory, core inflation was actually down from month to month. President Trump inherited an economy that was dominated by two issues, high inflation and mass migration. President Trump is tackling both of those issues. Look at the record investments that you see in this country right now, over $5 trillion. Apple just made another $500 million investment in critical minerals. We’re getting manufacturing back. President Trump is tackling these bad trade deals that have saddled this country for at least a couple of generations now – since the end of the cold war. And now you have the One Big Beautiful Bill. You’ve got certainty on tax policy. You’re not going to have a $4 trillion tax increase. You’re also going to have no tax on tips, no tax on overtime. I think when you’ve got that kind of runway for President Trump’s agenda, you’re going to see growth like you saw in the first term.”

Schmitt also discussed tariffs imposed during President Trump's first term and their impact on revenue and trade negotiations: “Well, it just didn’t happen when we had tariffs in President Trump’s first term. There was a lot of conjecture about whether or not those tariffs were going to cause inflation. It just didn’t happen. You’ve actually seen record dollars flow into the Treasury. We saw a surplus this month and are anticipating $300 billion a year in revenue from, essentially, the 10 percent tariff. I think that this is about rebalancing the trade imbalance that we’ve had for such a long time in this country – getting countries to the table to drop not just their tariffs, but all these other trade barriers that exist. And with China as a whole, is a different category with their Intellectual Property theft and a lot of the dumping that they do. But you’re seeing our allies come to the table now. They want to negotiate with President Trump. And I think when we do that, we’re going to be much better off. All this is happening at one time. We’re in the first seven months of the administration. You’ve got the One Big Beautiful Bill. You’ve got rescissions, you’ve got the trade deals, and you’ve got investment.”

He emphasized President Trump's approach to international negotiations: “Well, the President has that authority. Absolutely.” Schmitt continued: “I think President Trump has been very adept at bringing people to the table on a whole host of issues because nobody has been willing to wield trade policy the way that President Trump has... In my home state of Missouri, we saw loss of manufacturing jobs... Now we've got a president who cares about that... America isn't some strip mall with an airport; it's our home.”

Regarding legislative efforts related to federal spending cuts through rescissions legislation being considered by Congress—a process which allows lawmakers to cancel previously approved funds—Schmitt said: “I think that our Conference is very well united on this.” He described details from within current proposals: “This is $9 billion rescissions package that really gets at some of worst of worst... DEI trainings in Burma; sex change operations in Guatemala; $1 million for voter ID in Haiti; all of crazy stuff is in this... Then including $1.l billion for NPR and Corporation for Public Broadcasting...” He added: “NPR is an ideologically captured institution spewing out venom against Republicans at every turn—they don’t deserve taxpayer dollars... When put all stuff one package—the $9 billion—which is $90 billion ten-year window—we need get done deliver behalf American people restore trust stuff isn’t wasted.”

The discussion comes as debates continue over U.S economic strategy—including tariff use—and congressional oversight regarding federal expenditures.