Donald Trump’s recent moves on tariffs have stirred up significant chaos in the markets, reminiscent of his first term but with even more unpredictability. During his earlier presidency, Trump imposed tariffs on various products, particularly targeting China. Recently, he raised tariffs on Chinese goods to a staggering 145 percent, leading to market turmoil. Between April 2 and April 8, the S&P 500 saw a sharp decline of about 12 percent, and soon after, investors reacted by selling off U.S. treasuries.
This situation has led to frustration among lawmakers. On April 7, just days before Trump announced a temporary halt to his tariff plans, a bipartisan group of senators introduced a bill aimed at reclaiming Congress’s authority over tariffs. This legislation would require the president to inform Congress within 48 hours of any new or increased tariffs and would mandate that tariffs be lifted within 60 days unless Congress votes to keep them. Senator Chuck Grassley, a co-sponsor of the bill, emphasized the need for Congress to regain its power over trade policy, which has largely shifted to the executive branch.
The White House has signaled opposition to this bill, threatening a veto. While the fate of the legislation remains uncertain, it reflects a growing sentiment among some lawmakers who feel sidelined in trade discussions. They believe the president has overstepped his bounds, and this legislative effort is a pushback against that trend.
This situation highlights a broader issue in U.S. governance. The framers of the Constitution intended for Congress and the president to share power, especially regarding trade and military actions. However, over time, the executive branch has gained more authority, often responding more swiftly during crises than Congress can. This imbalance has led to a pattern where Congress tends to defer to the president, particularly in matters of national security.
Interestingly, while lawmakers are stepping up to challenge Trump’s power on tariffs, they have been less proactive about limiting presidential authority in military matters. Many seem hesitant to engage in war-related votes, fearing political backlash. This reluctance raises concerns about the growing concentration of power in the presidency, which could undermine the checks and balances that are fundamental to the U.S. government.
The recent push to reclaim tariff authority might signal a shift in congressional dynamics, but whether it will lead to a similar effort regarding war powers remains to be seen. For now, the focus appears to be on reigniting the conversation about the balance of power in Washington, a discussion that many believe is long overdue.