US senators seek to rein in Trump tariff authority
WASHINGTON, April 3 (Reuters) - Two senior lawmakers on the Senate Finance Committee are introducing legislation seeking to rein in President Donald Trump's ability to impose tariffs and would require congressional approval for new levies within 60 days.
Republican Senator Chuck Grassley and Democrat Maria Cantwell -- who both serve on the Finance Committee -- would require Trump to notify Congress on new tariffs with an explanation of the rationale including an analysis of the potential impact on American businesses and consumers.
Within 60 days, Congress would need to pass a joint resolution of approval on the new tariff, otherwise all new tariffs on imports expire.
The bill is modeled on the War Powers Resolution of 1973, and would reestablish limits on the president’s ability to impose unilateral tariffs without approval from Congress.
Related Articles
Carnival’s Q3 2025 Earnings Preview: Can Strong Demand and Celebration Key Drive Valuation Higher?
TradingKey - Fueled by robust consumer demand for cruise travel, Carnival has hit all-time highs in several key metrics, including revenue, yield, and customer deposits. Its stock has performed strongly in 2025, with a year-to-date gain exceeding 20% and a nearly 70% increase over the past 12 months
TikTok US Deal: Business before Politics
TradingKey - Just like how Facebook took over the world by storm in the late 2000s, TikTok took over the world in the early 2020s. The catalyst for TikTok’s rise was the COVID-19 pandemic, which kept people at home with little to do
U.S. August PCE Preview: Four-Run PCE Bounce Challenges the Fed’s Three-Cut Plan
TradingKey - The U.S. Bureau of Economic Analysis (BEA) will release the August Personal Consumption Expenditures (PCE) Price Index on Friday, September 26, with markets closely watching how much tariff pass-through effects have influenced inflation.
Fed Officials Cool Hopes for Rate Cuts.Will Gold Price Rally Toward the $4,000 Threshold?
TradingKey - Since the Federal Reserve announced a 25-basis-point rate cut last week, market sentiment on future easing has turned divergent, with several Fed officials recently tempering expectations for additional cuts.
U.S. August PCE: Inflation Remains the Market's Greatest Risk
Our baseline forecast anticipates sustained asset price increases. However, if inflation surpasses market expectations in the coming months, it could hinder further rate cuts and pose the greatest risk to financial markets.
