Stock Market Drop Complicates GOP Strategy as Trump Tariffs Face Opposition
9 April 2025 · Uncategorized ·
Source: · https://finance.technews.tw/2025/04/09/a-dozen-house-republicans-mull-defying-trump-on-tariff-bill/
Market sources indicate that at least twelve Republican representatives are considering supporting a bill proposed by Nebraska Representative Don Bacon, which would limit the White House’s unilateral power to impose tariffs.
According to Axios on August 8th, in an interview with Bacon, he stated that two fellow Republicans—Colorado Representative Jeff Hurd and Washington State Representative Dan Newhouse—and two Democrats have already signed onto this bill. He added that ten other representatives are interested but want to discuss the matter further with trade experts first.
This stance directly contradicts President Donald Trump’s intentions; Trump has threatened a veto if such legislation passes Congress.
The proposed law clarifies that any tariffs imposed by the president would automatically expire after sixty days unless approved in a resolution passed by Congress. Additionally, Congress can pass an opposing resolution at any time to nullify existing tariffs.
Republican Senator Chuck Grassley from Iowa and Democratic Senator Maria Cantwell of Washington have also introduced identical bills with over six Republican Senators signing on as co-sponsors.
A source close to the matter who wished to remain anonymous revealed that while Trump’s tariff policies offer some benefits, they significantly impact farmers in their districts.
Bacon stated he is not currently rushing to bring the bill forward for a vote but hasn't ruled out forcing it onto the House floor. “I don’t think we can get this done within the next one or two months,” Bacon said. "I want to let this sit and see how things evolve with the stock market, inflation, and unemployment; perhaps then it will be an option.”
Some Republican representatives are concerned about market volatility resulting from Trump's tariffs and hope he might ease his policies to reassure financial markets. One anonymous House member stated, “All I’d like is for these tariffs not to become a long-term measure."
When asked if the stock market reaction was causing concern among lawmakers, Idaho Republican Representative Mike Simpson responded with a laugh: "Yes, clearly people are somewhat worried.” Oklahoma Republican Representative Tom Cole, Chairman of the House Appropriations Committee, also stated, “People do feel uneasy.”
Historically, Republicans have supported free trade. While pro-globalization forces within the party weakened during Trump’s presidency, they still hold influence in Congress.
According to Axios on August 8th, in an interview with Bacon, he stated that two fellow Republicans—Colorado Representative Jeff Hurd and Washington State Representative Dan Newhouse—and two Democrats have already signed onto this bill. He added that ten other representatives are interested but want to discuss the matter further with trade experts first.
This stance directly contradicts President Donald Trump’s intentions; Trump has threatened a veto if such legislation passes Congress.
The proposed law clarifies that any tariffs imposed by the president would automatically expire after sixty days unless approved in a resolution passed by Congress. Additionally, Congress can pass an opposing resolution at any time to nullify existing tariffs.
Republican Senator Chuck Grassley from Iowa and Democratic Senator Maria Cantwell of Washington have also introduced identical bills with over six Republican Senators signing on as co-sponsors.
A source close to the matter who wished to remain anonymous revealed that while Trump’s tariff policies offer some benefits, they significantly impact farmers in their districts.
Bacon stated he is not currently rushing to bring the bill forward for a vote but hasn't ruled out forcing it onto the House floor. “I don’t think we can get this done within the next one or two months,” Bacon said. "I want to let this sit and see how things evolve with the stock market, inflation, and unemployment; perhaps then it will be an option.”
Some Republican representatives are concerned about market volatility resulting from Trump's tariffs and hope he might ease his policies to reassure financial markets. One anonymous House member stated, “All I’d like is for these tariffs not to become a long-term measure."
When asked if the stock market reaction was causing concern among lawmakers, Idaho Republican Representative Mike Simpson responded with a laugh: "Yes, clearly people are somewhat worried.” Oklahoma Republican Representative Tom Cole, Chairman of the House Appropriations Committee, also stated, “People do feel uneasy.”
Historically, Republicans have supported free trade. While pro-globalization forces within the party weakened during Trump’s presidency, they still hold influence in Congress.