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- Sen. Maria Cantwell and Sen. Chuck Grassley introduce bipartisan legislation to limit presidential tariff powers.
- The bill requires congressional approval for new tariffs and allows Congress to rescind existing ones.
- Bipartisan support includes seven Republican senators and endorsements from major business organizations.
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Essential Context
Senators Maria Cantwell (D-WA) and Chuck Grassley (R-IA) have introduced the Trade Review Act of 2025, a bipartisan bill aimed at reasserting congressional control over U.S. trade policy. This move comes in response to President Trump’s recent imposition of sweeping tariffs, which have caused significant economic concerns and market volatility.
Core Players
- Sen. Maria Cantwell (D-WA) – Sponsor of the Trade Review Act of 2025
- Sen. Chuck Grassley (R-IA) – Co-sponsor of the Trade Review Act of 2025
- President Trump – Imposed recent tariffs sparking the legislative response
- National Retail Federation – Endorsed the bill along with other major business organizations
Key Numbers
- 7 – Number of Republican senators supporting the bill on its first day
- 12 – Additional cosponsors, evenly split between Democrats and Republicans, within a week
- 60 days – Timeframe for congressional approval of new tariffs under the bill
- 3% – Sharp drop in the S&P 500 following Trump’s tariff announcement
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The Catalyst
President Trump’s recent tariffs have triggered a strong bipartisan response in Congress. Sen. Maria Cantwell emphasized that the tariffs have caused an “economic nightmare,” leading to market volatility and consumer concerns.
“We’ve wreaked havoc on the economy by having one of the largest drops of the market. We have people’s 401(k)s in panic,” Cantwell said during a Senate Finance Committee hearing.
Inside Forces
The Trade Review Act of 2025 proposes several key changes to the current trade policy framework. It mandates that the president notify Congress within 48 hours of imposing or modifying tariffs, provide an explanation for the action, and conduct an analysis of the potential impact on American businesses and consumers. The bill also requires congressional approval within 60 days for new tariffs to remain in effect.
Additionally, the legislation allows Congress to cancel tariffs at any time through a resolution of disapproval.
Power Dynamics
The bipartisan support for this bill indicates a significant shift in the political landscape. Despite the challenging path ahead, with potential vetoes and legal challenges, the growing support from both Democrats and Republicans signals a willingness to confront the executive branch on trade policy.
Senators Mitch McConnell (R-KY), Lisa Murkowski (R-AK), and Jerry Moran (R-KS) have already signed on as cosponsors, reflecting the broad concern over the economic impact of the tariffs.
Outside Impact
The market reaction to Trump’s tariffs has been severe, with the S&P 500 experiencing a sharp 3% drop. This volatility, combined with concerns over inflation and job losses, has prompted widespread criticism from business groups and consumer organizations.
The National Retail Federation, among other major business organizations, has endorsed the bill, highlighting the urgent need for congressional oversight in trade policy.
Future Forces
The passage of the Trade Review Act of 2025 would mark a significant reassertion of congressional authority over trade policy. However, the bill faces substantial hurdles, including the need for 60 votes in the Senate and potential opposition from House Republicans.
Representative Don Bacon (R-NE) plans to introduce a companion bill in the House, which could increase pressure on lawmakers to consider the legislation. The outcome will depend on various factors, including the ongoing economic conditions and the political climate leading up to the 2025 legislative sessions.
Data Points
- April 6, 2025: The Trade Review Act of 2025 was introduced by Senators Cantwell and Grassley.
- April 8, 2025: The bill gained 12 additional cosponsors, evenly split between Democrats and Republicans.
- 48 hours: Timeframe for presidential notification to Congress regarding new or modified tariffs.
- 60 days: Timeframe for congressional approval of new tariffs under the bill.
The introduction of the Trade Review Act of 2025 highlights a critical moment in the ongoing debate over trade policy and executive power. As the bill navigates through Congress, it will face significant challenges, but the growing bipartisan support underscores the urgency and concern over the economic implications of unilateral tariff actions.
