Senate Rejects Resolution To Block Trump’s Global Tariffs
The post Senate Rejects Resolution To Block Trump’s Global Tariffs appeared on BitcoinEthereumNews.com. Topline A resolution to reject President Donald Trump’s global tariffs failed in a tied vote in the Senate on Wednesday, after two senators in support of it, Sens. Sheldon Whitehouse, D-R.I., and Mitch McConnell, R-Ky., did not attend the vote. The Senate voted on the resolution Wednesday evening. (Photo by Andrew Harnik/Getty Images) Getty Images Key Facts The Senate blocked the resolution on a 49-49 vote. Whitehouse, who is returning from an ocean conservation conference in South Korea, and McConnell, who is sick, likely would have voted for the resolution, allowing it to pass. A spokesperson for McConnell reiterated the senator’s stance against tariffs to Punchbowl News, saying McConnell “believes that tariffs are a tax increase on everybody.” Sens. Susan Collins, R-Maine, Lisa Murkowski, R-Alaska and Rand Paul, R-Ky., voted with Democrats in support of the resolution. Collins criticized the resolution as being too broad but ultimately supported it because it promoted the idea “we really need to be far more discriminatory in imposing these tariffs and not treat allies like Canada the way we treat adversaries like China,” according to the Associated Press. Key Background Trump announced his large-scale tariff policy this month in an announcement April 2, which he dubbed “Liberation Day.” The tariffs targeted trading partners across the globe and stoked recession fears, sending stocks plummeting. The president has marketed the policy as a way of bolstering U.S. manufacturing and jobs, though economists have warned the backlash from raising tariffs will largely be felt by American consumers. Trump has backtracked and made changes on the fly to his tariff policy—most notably pausing most of his highest tariffs by 90 days but maintaining a 10% baseline rate—which eased some of the steep losses on Wall Street, though stocks are still broadly down since the start of his term…
The post Senate Rejects Resolution To Block Trump’s Global Tariffs appeared on BitcoinEthereumNews.com.
Topline A resolution to reject President Donald Trump’s global tariffs failed in a tied vote in the Senate on Wednesday, after two senators in support of it, Sens. Sheldon Whitehouse, D-R.I., and Mitch McConnell, R-Ky., did not attend the vote. The Senate voted on the resolution Wednesday evening. (Photo by Andrew Harnik/Getty Images) Getty Images Key Facts The Senate blocked the resolution on a 49-49 vote. Whitehouse, who is returning from an ocean conservation conference in South Korea, and McConnell, who is sick, likely would have voted for the resolution, allowing it to pass. A spokesperson for McConnell reiterated the senator’s stance against tariffs to Punchbowl News, saying McConnell “believes that tariffs are a tax increase on everybody.” Sens. Susan Collins, R-Maine, Lisa Murkowski, R-Alaska and Rand Paul, R-Ky., voted with Democrats in support of the resolution. Collins criticized the resolution as being too broad but ultimately supported it because it promoted the idea “we really need to be far more discriminatory in imposing these tariffs and not treat allies like Canada the way we treat adversaries like China,” according to the Associated Press. Key Background Trump announced his large-scale tariff policy this month in an announcement April 2, which he dubbed “Liberation Day.” The tariffs targeted trading partners across the globe and stoked recession fears, sending stocks plummeting. The president has marketed the policy as a way of bolstering U.S. manufacturing and jobs, though economists have warned the backlash from raising tariffs will largely be felt by American consumers. Trump has backtracked and made changes on the fly to his tariff policy—most notably pausing most of his highest tariffs by 90 days but maintaining a 10% baseline rate—which eased some of the steep losses on Wall Street, though stocks are still broadly down since the start of his term…
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