Thune Questions Viability of Tariff Regulation Legislation
“The president has made it clear he would veto this,” Thune remarked.”I doubt they can even bring it to a vote in the House.” (Al Drago/Bloomberg News)
The Senate’s Republican leader, John Thune, expressed skepticism about a bipartisan initiative designed to enhance congressional control over President Trump’s tariffs. This legislation, backed by fellow GOP Senator Chuck Grassley from Iowa and several other Republicans, reflects growing concerns within the party regarding the economic impact of ongoing trade disputes.
“I really don’t see this going anywhere,” Thune commented when discussing Grassley’s proposal. “The president has indicated he would veto it. Plus, I can’t envision how they’d manage to get it onto the House floor.”
This proposed bill aims to shift some power back to Congress by requiring lawmakers to review and approve most tariffs within a two-month window—a significant change from current practices where executive authority reigns supreme.
The financial markets reacted sharply on April 7 as news surrounding Trump’s trade policies flooded in, casting uncertainty over investment prospects and economic stability. The Standard & Poor’s 500 index experienced its largest intraday fluctuation since early pandemic days in 2020—an impressive swing of 7%. ultimately closing down slightly more than 0.2%, this was still considered its best performance since Trump’s tariff announcement.
Thune acknowledged that there are valid worries about market volatility and described Trump’s tariff declaration as a “significant” policy shift but suggested taking a cautious approach moving forward.
“We need time for things to unfold and assess both short-term impacts and long-term consequences,” he told reporters with an air of contemplation.
Trump Stands Firm on Tariffs While leaving Room for Negotiation
on April 7th, Trump remained steadfast regarding his tariffs during remarks at the White house, emphasizing their importance for his economic strategy. However, he also hinted at being open to “fair deals” with other nations—suggesting that while he’s tough on trade issues now, there’s potential for negotiation down the line.
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