(New York) The U.S. Senate passed a resolution on Thursday (October 30) to overturn the national emergency declared by the Trump administration in early April for its retaliatory tariffs.
The Senate voted 51-47 against, opposing Trump's comprehensive tariff policy globally. While the Senate is predominantly Republican, four Republican senators joined the Democrats in voting in favor.
Earlier this week, the Senate passed two resolutions aimed at lifting tariffs on Canada and Brazil. The Washington Post believes the votes show growing opposition from U.S. lawmakers to Trump's use of tariffs to reshape U.S. foreign trade relations.
However, Thursday's resolution is largely symbolic, as it still needs to pass the House of Representatives, whose Republican leadership has pledged to postpone the tariff vote until March. Even if the House passes the resolution, Trump can still veto it, and a two-thirds majority in Congress is required to override a presidential veto.
While the Senate's latest resolution is unlikely to have a substantial effect, it clearly demonstrates growing unease within Trump's Republican Party regarding his alleged improper use of emergency powers to impose tariffs.
Further Reading
The U.S. Supreme Court will hold a hearing on November 5 to assess the legality of the Trump administration's tariff policies.
Krugman: The U.S. Has Lost the Trade War U.S. economist and Nobel laureate Paul Krugman wrote on Thursday that Trump's eagerness to reach agreements with Japan, South Korea, and China during his Asia trip this week was intended to declare victory and alleviate pressure within his party.
However, Krugman believes that Trump has actually lost the trade war because his chaotic tariff policies have caused triple economic damage to the U.S.: rising costs and prices for American producers and consumers, increased economic uncertainty, and damage to America's global credibility.
He points out that even if the worst of the price and uncertainty issues has passed, Trump's tariffs have already caused lasting damage to the U.S. economy and the global economic order.
