Sen. Ted Cruz (R-Texas) cautioned on Thursday that extended tariffs on President Trump’s trade partners would negatively impact the economy and American shoppers.
“I believe it’s incorrect to think that permanent tariffs are beneficial. I do not support such an economic strategy. Tariffs are not something I endorse.”
“There will be a moment when I can share predictions for next month, or in a couple or three instances.”
He mentioned that while Trump’s assertive trade stance might yield positive results, he also alerted that it could lead to adverse effects on the US economy.
“If yesterday’s announcement results in many of our global trading partners significantly lowering the tariffs imposed on US products and services, then the US government will considerably decrease the recently declared tariffs. That would be a major positive outcome for the US.”
“Conversely, if our trading partners elevate tariffs and maintain high tariffs universally, I believe that’s a negative outcome for the US. Tariffs operate as taxes on consumers, and I am not in favor of placing additional taxes on American consumers,” he elaborated.
“I hope that these tariffs are temporary and act as a tool to facilitate the reduction of tariffs worldwide,” he stated.
Cruz’s comments highlight Trump’s growing concerns, along with the announcement that Trump is encountering countries across the globe over reciprocal tariffs, implementing a 20% tariff on imports from the European Union, a 24% tariff on products from Japan, and a 32% tariff on imports from South Korea.
Sen. Chuck Grassley (R-Iowa), a prominent member of the Senate Finance Committee, put forward legislation on Thursday necessitating Congress to pass a joint resolution of approval within 60 days following the announcement of the newly declared tariffs.
Four Republican senators — Susan Collins (Maine), Lisa Murkowski (Alaska), Mitch McConnell (Kentucky), and Rand Paul (Kentucky) — supported a resolution on Wednesday to repeal Trump’s 25% tariff, along with the administration’s 10% tariff on Canadian energy imports.
The resolution passed with a vote of 51-48. Every Democrat participated in the vote.
