(LEX 18) — The Kentucky Derby serves as a showcase for the Commonwealth and its businesses. However, this year, Kentucky industries are dealing with tariffs implemented by President Donald Trump.
Beshear has been vocal in his criticism of the tariff plan, arguing it will harm both Kentuckians and all Americans.
"This is one of the worst mistakes I think we have seen from a president, at least in my lifetime. It's caused harm in the stock market, the bond market, and the value of the dollar. And it's hard to cause all of those at the same time. That's how bad this approach is," Beshear said.
The governor isn't alone in his opposition. Both of Kentucky's U.S. Senators, Mitch McConnell and Rand Paul, have spoken out against Trump's tariffs.
"Virtually, every sector and every major industry in Kentucky has come to me and said that tariffs will hurt them," Paul said.
Paul has been pushing Congress to pass a bipartisan measure to undo Trump's global tariffs. The effort failed in the Senate on a tie vote this week.
Despite the vote's outcome, Paul believes that opposition to the tariffs is influencing the president to reduce potential harm.
"Because of my pushing back and others pushing back, we've gotten the president to make the tariffs less bad. He put them on pause for 90 days," Paul said. "The stock market recovered some of its losses. He also is now giving an exemption to car manufacturers."
"So, there's already an acknowledgment that the tariffs are punishing people," Paul added. "To farmers, he's giving them subsidies. To the car manufacturers, he's giving them a rebate. And to everybody else, he's put it on pause. So, I think that some of the credit for slowing this down goes to those of us who have been pointing out what this will do to our businesses and why it's a mistake for the economy."
