4.8 • 965 Ratings
🗓️ 14 April 2025
⏱️ 4 minutes
🧾️ Download transcript
Let's talk about Congress curtailing Trump's tariffs....
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0:00.0 | Well, howdy there, Internet people, it's Bell again. |
0:04.0 | So today, we're going to talk about Congress moving to curtail Trump's trade policies, |
0:10.0 | even though he at least for now back down. |
0:14.0 | Congress went on break for Easter. |
0:17.0 | In two weeks when they come back, some thought they would let the effort to restrain Trump go. |
0:22.8 | But now, it's highly expected that they move forward with effort to claw back powers |
0:27.9 | delegated to them by the Constitution, that over the years they delegated to the executive branch. |
0:35.1 | Despite Trump's current turnaround, it looks like those in the Senate that worried about |
0:40.0 | Trump's economic policies are planning on continuing the push to derail his power to act |
0:46.0 | unilaterally. Or, as Senator Ron Wyden of Oregon said, quote, my colleagues are telling me they want to move ahead. He then quipped |
0:57.7 | about how the only thing up in financial markets is volatility. The Senate knows what a lot of |
1:04.8 | U.S. trading partners know. Trump has become more erratic and global markets can't withstand a sustained period of reacting to Trump's social media without severe economic consequences that will derail the U.S. economy. |
1:19.7 | As we discussed, they may be hoping that if they can pull back the power from Trump, that traditional U.S. trading partners will relax a little bit if the |
1:29.7 | power over regulating foreign commerce becomes more decentralized. Senator Maria Cantwell gave a far more |
1:37.7 | kitchen table-oriented reason, saying, quote, we have seven Republicans on the bill so far, which was just introduced last |
1:47.2 | week. The House representatives introduced a bill with two Democrats and two Republicans, so it's |
1:54.0 | continuing to be bipartisan, bicameral. And I think it's because people are hearing from their |
2:00.4 | constituents who are saying, wait, |
2:03.6 | why am I paying this extra tax on these consumer goods? I don't want to do it. |
2:09.8 | It's important to remember that even though Trump caved to the pressure of the bond market |
2:14.8 | when it comes to his reciprocal tariff plan. Tariffs today are |
2:19.2 | still much higher than when he took office. The cost of those tariffs will be paid by us, the |
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