The following is a transcript of an interview with Sen. Ted Cruz, Republican of Texas, on "Face the Nation with Margaret Brennan" that aired on Dec. 1, 2024.

The Texas Senator was once a tariffs skeptic, but now has adopted a different stance on the leverage value of tariffs.

Sen. Ted Cruz warned that Donald Trump's proposal for import tariffs as high as 45% would be a tax on consumers during the Republican presidential primary debate in Miami on Thursday. Photo: Getty

Texas Sen. Ted Cruz (R) defended President-elect Trump’s threat to impose steep 25 percent tariffs on all goods from Canada and Mexico — two key U.S. allies — pointing out that the remark produced “immediate” action.