Hey news fam! In a surprising twist on April 9, U.S. President Donald Trump announced a 90-day pause on tariffs for countries hit by higher U.S. levies. Just hours after tariffs were imposed on roughly 60 trading partners, Trump authorized a universal "lowered reciprocal tariff of 10 percent" as negotiations continued. He mentioned that the move was prompted because people were "yippy and afraid" following stock market declines. 😮
This dramatic policy shift has stirred up quite the buzz—not only among Wall Street big shots and Silicon Valley innovators (think Elon Musk vibes) but also among die-hard MAGA fans. Even though this announcement was meant to calm the markets, it ended up unsettling staunch allies and sparking major political debate.
Some Republican senators weren’t having it. Texas Republican Senator Ted Cruz pointed out that tariffs are basically a tax on consumers, warning that prolonged use could drive up inflation, hurt job growth, and potentially trigger a recession. Kentucky's Senator Rand Paul also took aim at the idea of declaring a "national emergency" over trade deficits. In a rare bipartisan move, senators like Lisa Murkowski, Mitch McConnell, Rand Paul, and Susan Collins voted to block tariffs on Canadian imports.
Adding more spice to the story, Republican Senator Chuck Grassley and Democratic Senator Maria Cantwell introduced a bill to require Congress to sign off on new tariffs within 60 days of imposition. While this move aims to put checks on unilateral actions, the White House has already voiced its strong opposition.
This political tug-of-war shows that even technical trade policies can trigger blockbuster drama in Washington—much like the latest viral trends on social media. Stay tuned as these debates continue to ripple out and possibly impact global markets and the tech world. Stay savvy and keep the conversation going! 🚀
Reference(s):
Trump's abuse of tariffs unsettles 'staunch allies, die-hard fans'
cgtn.com
