@philipdefranco: Congress Could Strip Trump Of Tariff Power As Economy Collapses #usa #america There is a bill to strip Trump of his tariff authority. This bill was proposed by Republican Chuck Grassley and it makes it so the President has to tell congress about new tariffs within 48 hours and then Congress has to approve them within 60 days or they expire. The Commerce Secretary Howard Lutnick says that there is no chance that Trump will back off these tariffs. He also said that there will be no negotiations because negotiating is talking, and they don’t want talk, they want doing. He says that if countries want tariffs removed they should “stop exploiting the US” – Given that this is apparently all about trade deficits – Some are asking - does the White House believe that countries allowing Americans to buy their products is exploitation? Is Japan exploiting us by selling us the Switch 2? Is Mario taking advantage of us? Is Ecuador ripping us off by allowing us to buy bananas? But Lutnick says that they don’t have a plan for the dollar but that it’s good if the dollar gets cheaper because it helps American exports. America is the biggest importer of the world and Americans are the biggest spenders in the world, so a weakened dollar means everything will be more expensive. There was a report today that the new tariffs on China will raise the cost of iPhones anywhere from $300 to $600 – and that is not accounting for a weakened US dollar. Norway’s foreign minister says that the US’s new tariffs may violate NATO’s Article 2 which says that members must eliminate conflicting elements in their economic policies and seek economic cooperation. The Australian PM responded to Trump’s tariffs saying that these tariffs are not reciprocal because Australia does not have a tariff on the US, yet Trump still hit them with a 10% tariff. He said these tariffs defy all logic and finished by saying “This is not the act of a friend. Australians will see the relationship differently as a result." Trump said today that the market is going to go boom and that the country is going to go boom…. Yeah, maybe quite literally.

Philip DeFranco

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Region: US

Thursday 03 April 2025 21:57:54 GMT