'A tax on the consumer': Rand Paul decimates Trump's tariff plan

Sen. Rand Paul (R-KY) said he opposed President-elect Donald Trump's plan to place tariffs on imported goods because it would be "a tax on the consumer."

The Republican lawmaker came out against the proposal during a Sunday interview on CBS after host Margaret Brennan asked if he supported billionaire hedge fund CEO Scott Bessent to be Treasury secretary.

Paul said he was "leaning" towards supporting Bessent but had reservations because Trump vowed to use tariffs on imported products.

"I don't like tariffs," the Republican senator explained. "But then again, I don't like the president promoting tariffs. I think tariffs are a tax on the consumer."

"And they ignore things like with steel," he continued. "There are 80 workers working in steel buying industry for every worker making steel. So yeah, you can protect certain industries, but it's at the expense of other people."

Paul, however, suggested that the proposed tariffs would not prohibit him from voting for the nominee.

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"I will be vocal in saying that I think tariffs are bad and that international trade actually saves every consumer about seven thousand dollars a year," he remarked. "So everybody in our country is seven thousand dollars richer because of international trade."

"These amazing international trade has made us all richer and we need to talk about the statistics and facts concerning the benefits of trade," Paul added.

Watch the video below from CBS News.