Senate majority leader John Tune (Rs.D.) said he supports President Trump using tariffs to stop fentanyl flow to the US, but he said tariffs should be temporary, citing growing uncertainty that is shaking financial markets.
“I think the president is trying to achieve a certain goal here. It's to stop the flow of fentanyl into this country, and tariffs are a tool to make that happen. Thune told reporters Tuesday when asked about the reaction that Trump's tariff threat is experiencing in the market.
However, Thune warned that tariffs should not last long given the impact on the domestic economy.
“I hope these are temporary. One thing the market doesn't like is uncertainty and I think there is clearly uncertainty about tariff policy at the moment,” he said.
Thune tackled Trump's trade war with Canada and Mexico, two of the US's biggest trading partners, amid growing unrest in the Senate GOP meeting, which is headed by the economy.
Sen. Rand Paul (R-Ky.), an outspoken critic of Trump's trade policy, warned Monday that it would be wise to pay attention to warnings being flushed by financial markets.
“The stock market is made up of millions of people trading simultaneously. The market index is the distillation of emotions. Paul posted on social platform X.
The Dow Jones industrial average fell another 478 points on Tuesday, with the S&P 500 and the technology-rich Nasdaq composite.
White House trade adviser Peter Navarro told reporters Tuesday afternoon that Trump had dropped plans to raise tariffs on Canada's steel and aluminum imports by 50%.
