In a rare bipartisan rebuke of President Donald Trump on trade policy, four Senate Republicans joined Democrats.
By a vote of 51 to 48, the Senate approved a resolution to halt the planned tariffs on Canadian goods by the Trump administration. CNN said that Senators Susan Collins, Mitch McConnell, Lisa Murkowski, and Rand Paul, who cosponsored the resolution, were the four Republicans who voted with Democrats.
The site pointed out that the action comes after Trump criticized the proposal and urged Republicans to vote against it, and it represents uncommon bipartisan opposition to Trump within the GOP-led Senate.
Given that House GOP leaders are not anticipated to take any action to chastise Trump for his tariff policy—and had even taken action earlier this year to prevent such a move—the Senate vote may have a primarily symbolic effect. CNN reported that some House Democrats think they may have managed to get around GOP leadership on the tariff issue.
Trump’s tariff announcements on Wednesday did not immediately spark the Senate legislation, which is led by Democrats and challenges the administration’s trade strategy. In February, the Trump administration announced planned taxes on Canadian goods under a declaration of national emergency, which the resolution aims to repeal. CNN added that Democrats have presented the bill as a means of lifting the tariffs on Canadian exports.
Trump announced on Wednesday that almost all goods entering the US will be subject to tariffs of at least 10%, with considerably higher rates applied to nations having the biggest trade imbalances with the US.
His new policy, which aims to balance trade and restore U.S. industrial might, represents a significant change in international trade and economic strategy. CNN asserted, however, that it runs the risk of intensifying a global trade war and driving up prices for American consumers at a crucial juncture in the economy.
The leading Democrat on the House Foreign Affairs Committee, Rep. Greg Meeks of New York, declared Wednesday that he would present a privileged resolution to compel a tariff vote in the House. He can push for a floor vote and avoid leadership by using this procedural maneuver.
Trump announced on Wednesday that almost all goods entering the US will be subject to tariffs of at least 10%, with considerably higher rates applied to nations having the biggest trade imbalances with the US.
His new policy, which aims to balance trade and restore U.S. industrial might, represents a significant change in international trade and economic strategy. CNN asserted, however, that it runs the risk of intensifying a global trade war and driving up prices for American consumers at a crucial juncture in the economy.
The leading Democrat on the House Foreign Affairs Committee, Rep. Greg Meeks of New York, declared Wednesday that he would present a privileged resolution to compel a tariff vote in the House. He can push for a floor vote and avoid leadership by using this procedural maneuver.
“This has proven to be one of the most significant days in our nation’s history. God bless America and God bless you. Thank to everybody. “Thank you very much,” Trump concluded his speech.
The Dow Jones, NASDAQ, and S&P 500 all fell two to three percent before the opening bell on Wednesday, causing Wall Street to open lower.