The Trump administration's stop and go tariff policy is coming under heavy fire from Democrats on the House Ways and Means Committee who believe the White House has overstepped its authority.
"We are introducing the "Stopping a Rogue President on Trade Act," a bill that is designed to put an end to the chaos that we've seen under President Trump," said Rep. Linda Sanchez, D – Calif.
"The constitution is abundantly clear. Congress has the authority and the responsibility to regulate trade, and it's time for us to step up and fulfill that duty."
Sanchez is the Ranking Member of the Trade Subcommittee of Ways and Means. Her announcement was made on Thursday during an impromptu press conference a day after President Trump put a 90-day pause on tariffs for several non-retaliating while raising duties on China to 125%.
That move was announced as Ambassador Jamieson Greer, the United State Trade Representative, was being grilled by Ways and Means Committee Member Rep. Steven Horsford D – Nev., during a full committee hearing on Wednesday.
"Much to all of our surprise, we watched as the trade rep learned in real time that the President had just pulled the rug out from under him," said Horsford.
"I fundamentally believe this shows the amateur hour of this administration, and that is why I commend Ranking Member Sanchez, under the leadership of Chairman Neil, for bringing this necessary legislation because the President chose to take actions that he didn't even have the authority to take."
The language of the bill remains under wraps, but Sanchez did lay out the basics.
"It ends the global tariffs that President Trump imposed on April 2 permanently, not just for a 90-day pause. Our bill would permanently return most tariff rates to where they were before this tariff spree. The bill eliminates the tariffs that were imposed on Mexico and Canada. Finally, our bill requires congressional approval for any new tariffs."
The Constitution delegates responsibility for enacting tariffs to Congress but the International Emergency Economic Powers Act of 1977 allows the President a workaround during times of national emergency. The White House is using the IEEPA to justify its current position.
The effects of tariffs on the muni market began taking shape on
Treasuries have also been on a roller coaster ride coinciding with the unpredictable announcements of the White House as investors cast about for safe harbors. Many analysts point to disruptions in the bond market as cries for stability.
"We have to stop the madness," said Rep. Don Beyer D- Va. "This is simple, the President's drunk on power and taking a sledgehammer to our economy."
Charges of market manipulation have also been raised due to Trump's social media posts directed at investors.
"Donald Trump posted on Truth Social at 9:37am that this is a great time to buy," said Sanchez.
"Three and a half hours later, he announced that he would pause the tariffs causing the stock market to go haywire. It's hard to imagine on its face that the president didn't break myriad laws with those tweets."
