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Economic policy

Bipartisan Senate Rebuke of Trump's Tariffs

Strategic Insights

— 2 min read

As the U.S. Senate voted to reject President Donald Trump's tariffs on a global scale, the bipartisan majority echoed the concerns of economists and researchers who estimate American consumers and businesses will bear the brunt of the costs. Senator Jack Reed, among the majority of senators, praised the vote as a step forward for consumers, but emphasized that the job is not yet done. Historians and economists agree that the International Emergency Economic Powers Act (IEEPA) was never intended to authorize tariffs, and President Trump's actions have upended the constitutional order.

Key Takeaways:

  • The U.S. Senate voted 51-47 to reject President Trump's tariffs on a global scale, with Senator Jack Reed among the majority voting to approve the resolution.
  • The vote marked the fourth time the Senate came together on a bipartisan basis to block Trump's misuse of emergency powers to enact steep tariffs on American consumers.
  • Estimated costs of Trump's tariffs include $1,700 per American family this year and less than 10% of tariff costs paid by foreign companies, according to researchers at Yale.
  • Senator Reed emphasized that the job of blocking Trump's tariffs is not yet done, with Speaker Johnson (R-LA) needing to reconvene the U.S. House of Representatives to finish the task.
  • Four Republican Senators, including Rand Paul (R-KY), Lisa Murkowski (R-AK), Susan Collins (R-ME) and Mitch McConnell (R-KY), crossed party lines to vote against Trump's tariffs.
  • The U.S. Supreme Court will hear oral arguments on November 5 regarding President Trump's power to impose sweeping tariffs on virtually all goods imported into the United States.
  • Senator Reed filed an amicus brief in the case urging the high court to strike down Trump's 'emergency' tariffs.

Statistics:

  • 51-47: Vote margin approving the resolution to reject President Trump's tariffs on a global scale.
  • 10%: Estimated percentage of tariff costs paid by foreign companies, with American companies and consumers bearing nearly all of the costs.
  • $1,700: Estimated extra cost per American family due to President Trump's tariffs this year, according to Yale researchers.
  • 4: Number of Republican Senators who crossed party lines to vote against Trump's tariffs.
  • 1: Number of U.S. Supreme Court cases set to hear oral arguments regarding President Trump's power to impose sweeping tariffs (on November 5).

Sources:

  • United States Senator for Rhode Island Jack Reed
  • U.S. Supreme Court (oral arguments scheduled for November 5)
  • Goldmans Sachs
  • Yale researchers

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