US Lawmakers Slam Trump’s 10% Tariffs, Warn of Economic Harm
Tariffs imposed by US President Donald Trump and the newly announced 10% global levy on Friday drew criticism from US lawmakers, policy analysts and attorneys, who argued the measures function as taxes on businesses and consumers and could weigh on the broader economy.
US Senator Rand Paul characterized the tariffs as a tax increase on “working families and small businesses,” calling them a net negative for economic activity.
“Those tariffs weren’t about security — they were a tax on families and small businesses to bankroll a reckless trade war,” US Congressperson Ro Khanna said.
Source: Rep. Ro Khanna
On Friday, the US Supreme Court struck down Trump’s authority to impose tariffs under the IEEPA. Trump subsequently responded by announcing a new 10% global tariff.
Scott Lincicome, Vice President of Cato’s Herbert A. Stiefel Center for Trade Policy Studies, a Washington, DC-based think tank, also criticized the approach, saying that even without IEEPA, other US laws and prior commitments make it likely that significantly higher tariffs will persist, harming the economy and foreign relations.
Historically, Trump’s tariffs have tended to pressure crypto markets and other risk assets. This time, crypto prices were comparatively steady, with Bitcoin (BTC) rising by about 3% after the announcement. The Total3 indicator, which tracks the market cap of the entire crypto market, excluding Bitcoin and Ether, barely moved following the tariff announcement. Source: TradingView
Trump unveils additional 10% tariff; attorney says legal authority is limited
“Effective immediately, all national security tariffs, Section 232, and existing Section 301 tariffs, remain in place, and in full force and effect. Today, I will sign an order to impose a 10% global tariff,” Trump announced on Friday.
President Trump announces a 10% global tariff. Source: The White House
Trump said the new 10% global tariff would be applied on top of existing tariff rates.
However, the legal authorities cited are limited in scope, according to attorney Adam Cochran. “The law he is using only allows this to be on countries we have a deficit with, for a set period of 150 days, and at a capped percent,” he said.
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