(NewsNation) — The Senate Committee on Finance is holding a hearing on trade negotiations Tuesday, following the announcement of President Donald Trump’s reciprocal tariffs and the stock market fallout.
Sen. Ron Wyden, D-Ore., opened with an announcement that he was introducing bipartisan legislation to undo the latest round of tariffs. He slammed the use of tariffs and the impact on rising prices on Americans.
“The U.S. economy has gone from the envy of the world to a laughingstock in less time than it took to finish March Madness,” he said.
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Trade negotiator Jamieson Greer will appear before the full committee for questioning. In his opening statement, Greer repeated the administration’s critiques of trade deficits with other countries.
“It is a moment of drastic, overdue change, but I am confident the American people will rise to the occasion as they have done before,” Greer said.
Sen. Mike Crapo, R-Idaho, welcomed questions on trade policy but defended tariffs in his opening statements and blamed the Biden administration for failing to address trade deficits.
“We can restore faith in free markets by making it easier to do business in America than ever,” he said.
Trump announced his promised tariffs last week, shocking the business and financial world — as well as Republican allies — with steeper duties than expected.
The administration placed a 10% tariff on all countries and unveiled a list of around 60 countries with individualized tariffs that included both adversaries and traditional U.S. allies.
The stock market tumbled following the announcement, with brief periods of optimism as countries indicated a willingness to negotiate and a false rumor that the tariffs would be suspended for 90 days.
A bipartisan group of senators introduced legislation that would move the power of tariffs from the president to Congress, making it impossible for Trump to implement them unilaterally.
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While economists and business leaders have warned the steep tariffs are likely to cause a recession and raise prices significantly for American consumers, Trump has remained committed to the plan.
He has welcomed countries that have vowed to reduce their own tariffs on the United States but said that the new tariffs are here to stay. Trump promised more tariffs on China, a move that would bring the tariff on Chinese imports to more than 100%.
