A coalition of business lobbies, which include Facebook and Ford, are working to prevent President Trump from enacting tariffs without approval from Congress, Markets Insider reports.
The “Tariff Reform Coalition” was assembled by the The National Foreign Trade Council and is tasked with reviewing “Presidential use of tariff authority” and will represent American businesses that have been hurt by Trump’s tariffs.
A letter from NFTC President Rufus Yerxa to Senators Chuck Grassley (R-IA), Ron Wyden (D-OR), and Reps Richard Neal (D-MA) and Kevin Brady (R-TX), stated that not since the 1930s “has our country relied so heavily on tariffs in an attempt to pick winners in the US market while overlooking the broader consequences for other industries and our economy as a whole.”
“The Constitution explicitly gives Congress the power to regulate commerce,” the letter continued. “We believe it is time for Congress to reassert its authority to ensure that tariffs are only used in limited circumstances and only where there is broad consensus between the two branches that such exceptional action is in our overall national interest.”
According to the American Action Forum, the president’s tariffs, including retaliations against them, threaten $660 billion of traded products every year.
“These tariffs mean a reduction in consumers’ real purchasing power,” economics professor Katheryn Russ told CNBC. “So, the amount of stuff you can buy with a given amount of money, say $100, is going to be a little bit less.”
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‘He’d back out from bone spurs’: Internet mocks Trump for saying if impeachment was a ‘prizefight they’d stop it’
President Donald Trump lamented that if the House Intelligence Committee hearings were a "prizefight" then they'd "stop it." It isn't clear what Trump is trying to say with the comment, but the internet agreed with his take, because he would have been knocked out.
Typically boxing matches aren't stopped until the end of each round or a boxer is knocked down. So, it's possible Trump means that he doesn't think they are playing fair. Indeed, after Wednesday's testimony, Trump may feel as though he's been slugged below the belt.
Trumper Scott Jennings slams Devin Nunes for ‘being caught totally flat-footed’
It's clear the morning testimony didn't go as well as Republicans had wanted. The concern was evident on the face of House Minority Leader Devin Nunes (R-CA), who exchanged glances with the GOP counsel.
Republican Scott Jennings is quick to defend the White House and the GOP, but Wednesday even he was forced to concede his party wasn't prepared for what EU Ambassador Gordon Sondland testified.
CNN host John King noted that the Republican counsel brought up Rudy Giuliani and his business relationships in Ukraine, outside of his work for President Donald Trump.
Another Trump defense get legs knocked out from under it in witness Laura Cooper statement
American civil servant Laura Cooper testified Wednesday to facts that take the legs out from under another defense by President Donald Trump and his White House. According to Trump world, Ukraine never knew that aid was being withheld, so there couldn't have been bribery.
According to Cooper, that wasn't the case at all.
As CNN's Manu Raju cited in a Twitter thread, Laura Cooper claimed her staff was asked by an official at the Ukraine embassy "what was going on with the security assistance in July and were aware in August of a hold on aid. Her staff couldn’t find documentation detailing that concern raised in August."