6 hours Ago
WASHINGTON — President Donald Trump is facing growing opposition from financial markets, business leaders, and some lawmakers within his own party over his escalating trade war. Amid a stock market sell-off, rising recession fears, and pushback from some within his own party, Trump remains undeterred on tariffs. "We cannot be taken advantage of any longer," Trump said.
The White House announced that Trump would veto a Senate bill that would give Congress authority to approve tariffs and eliminate existing ones. Seven GOP senators are supporting the measure. "Our constitution does not allow anyone man or woman to raise taxes.
It must be the entire body of Congress," said Sen. Rand Paul, R-Ky. In the House, Republican Rep.
Don Bacon is introducing his own version and says some of his colleagues are showing interest. "It's smart to restore congressional authorities and go back to what the founders intended," Bacon said. Louisiana Sen.
John Kennedy, who publicly supports the president's approach, told Fox News that the country is in uncharted territory. "Tariffs are like whiskey. A little whiskey under the right circumstances can be refreshing.
Too much whiskey under the wrong circumstances, and you end up drunk as a goat," Kennedy said. House Speaker Mike Johnson told reporters, "I think you got to give the president the latitude, the runway to do what it is he was elected to do, and that is get this economy going again and get our trade properly balanced with other countries. We're going to give him the space necessary to do it, and we'll see how it all develops.
" On Monday, Trump threatened new, sweeping 50 percent tariffs against China after they retaliated against his "Liberation Day" efforts. "Hundreds of billions of dollars a year they've made off of us for years, and it shouldn't be this way," Trump said. House Democratic Leader Hakeem Jeffries said he would support Bacon's plan to limit the president's power on tariffs.
White House adviser Elon Musk warned that the tariffs could cost his company and urged for a “zero-tariff situation” between the U.S. and Europe.
Trade adviser Peter Navarro fired back, saying, Musk "doesn't understand the situation." "I think it's important for Elon to understand that he sells cars. That’s what he does,” Navarro said on Fox News’s “Sunday Morning Futures.
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