Sen. Elizabeth Warren (D-Mass.) and different Democrats on the Senate Banking Committee are demanding that the panel’s chair, Sen. Tim Scott (R-S.C.), maintain a listening to on President Trump’s authority to impose tariffs on greater than 180 nations, citing the “economic chaos” brought on by Trump’s “lack of a coherent strategy.”
“Tariffs can be critical to grow American industry and promote good manufacturing jobs. But many of the president’s tariffs lack a coherent strategy, generating economic chaos and giving giant corporations an excuse to raise prices on Americans,” the Democratic senators wrote in a Sunday letter to Scott.
They famous the Republican-controlled Committee on Banking, Housing and City Affairs has jurisdiction over key features of the Worldwide Emergency Financial Powers Act, which Trump has cited as his authority to impose sweeping tariffs.
Warren and her colleagues additionally warned that Trump might grant tariff exemptions to allied enterprise leaders and trade.
“The president’s tariffs also raise concerns about whether he will repeat mistakes from his first term in handing out exceptions to well-connected friends or companies at the expense of everyone else,” they wrote.
A research by researchers from the State College of New York at Buffalo, Fordham College, College of Oklahoma and Lehigh College revealed in The Journal of Monetary and Quantitative Evaluation discovered that corporations that made political contributions and investments to assist Republicans earlier than and through Trump’s first time period had been extra more likely to win tariff exemptions.
In the meantime, corporations that supported Democrats had been much less more likely to safe tariff exemptions.
Senate Democrats stated a listening to within the Banking Committee would assist shed extra gentle on Trump’s tariff insurance policies.
“We urge you to hold a hearing so the American people can understand the president’s plan and how it will affect their economic futures,” they wrote.
