Democratic lawmakers criticize Donald Trump’s new tariff policy, which has led to a sudden decrease in global stocks. They accuse the president of intentionally ruining the US economy.
American lawmakers highlighted the lack of tariffs for Russia. “54% tariffs on China, 10% tariffs on Iran, 0% tariffs on Russia,” wrote Chuck Schumer, the Senate minority leader, on Twitter, adding a questioning emoji at the end.
Meanwhile, Cory Booker, the Democrat senator from New Jersey who set a record this week for delivering the longest speech in Senate history in opposition to Trump’s Republican agenda, shared news headlines about several Republican senators joining Democrats in voting to overturn Trump’s tariffs for Canada.
“This is what happens when people speak up,” Booker wrote, according to The Guardian.
Senator Brian Schatz also had a strong reaction. “I’ve never seen a president intentionally destroy the economy,” he said. Senator Chris Murphy from Connecticut responded, “That’s the thing to understand. Everything is intentional. Creating chaos and crisis.”
“The tariffs detailed by Trump on Wednesday mark the most significant protectionist trade action in the US since the 1930s, when Congress imposed tariffs on over 20,000 goods and deepened the Great Depression,” said Republican Senator Rand Paul from Kentucky.
Stocks plunged on Wall Street after the revelation of Donald Trump’s latest tariffs, causing shockwaves in the global market.
The announcement by American President Donald Trump about imposing extensive tariffs on imports from various countries had a strong impact on international markets. This new tariff regime threatens to trigger a global trade war. Trump’s policy introduces a base tax of 10% on all goods entering the United States, with tariffs reaching up to 50% for certain countries.