Trump challenger Sanford: US heading toward worst financial crisis since Great Depression

Former Republican South Carolina Gov. Mark Sanford, who announced on "Fox News Sunday" he is challenging President Donald Trump, said he foresees "the most significant financial storm... since the Great Depression."

"It's not just debt and spending, which is, again, my primary focus given the fact that we're walking our way toward the most significant financial storm, I believe, in our country since the Great Depression," Sanford said. "That's what we're walking toward."

"And I think we need again to have a real conversation about what that means for the American dream and what that means in our ability to achieve a job, wealth, and all the things that go with the American dream."

Sanford also spoke against Trump's trade war with China.

"We need to as well have a conversation on, where are we going on trade, protectionism, turning inward versus outward," he told host Chris Wallace, saying tariffs may cost $1,000 per U.S. household.

The politician, who is no stranger to scandal after exiting the governorship under the cloud of a highly publicized extramarital affair, has aligned himself with the Never-Trump camp.

He has served two stints in the House representing South Carolina's 1st Congressional District, but lost his most recent re-election bid to primary challenger Katie Arrington, who campaigned on her support for the president. Arrington lost in the general election.

"I think we want to be very careful about pledges of allegiance to anything other than the flag and the constitution," Sanford told FOX Business' Neil Cavuto after his 2018 primary loss. "That's sort of a bit of what played out, unfortunately, in this race."

Arrington had outraised Sanford in the beginning stages of the race, including in the summer of 2017, when she beat him by more than $30,000. However, Sanford had more cash on hand, McClatchy reported in October 2017.