Will Congress Act To Rescind Tariffs? When? Why?

• Will the tariffs "work"?
• Will Congress ever have the votes? It would need a 2/3 majority in both the House and the Senate to overrule the President.
• Will Trump rescind the tariffs himself?
• What events would cause Congress to act? Inflation? Unemployment? 50% fall in the market? The lack of other countries making deals?

Come and express your view. Only if you have finished your taxes. :-)

Here are some resources to read to help you:

• Trade deficit vs Fair Trade discussion
• Does Trump Have Absolute Power Over Tariffs?
• International Emergency Economic Powers Act
• Is Winning a Trade War Possible?
• Can Tariff Damage Be Undone?
• China's Exports Gaining Steam Like 'Tsunami'
• Gulf Coast Shrimpers See Hope in Trump’s Tariffs
• Tax Foundation Analysis of Tariffs
• China and the WTO
• Jon Stewart's Take on the Tariffs
• Is China A Non-Market Economy?

And an overview:

For decades, Trump has argued that the US should use tariffs to boost its economy. He says they will encourage US consumers to buy more American-made goods, increase the amount of tax raised and lead to huge levels of investment in the country. On January 20, 2025, Trump signed an executive order instructing certain cabinet secretaries to develop reports on trade practices and recommendations for tariffs. Since then, several new tariffs and tariff investigations have been threatened, initiated, and/or imposed. These include (but are not limited to) Border Security and Fentanyl Tariffs, Reciprocal Tariffs, Venezuelan Oil Tariffs, European Union tariffs, and product-specific tariffs on Semiconductors and Pharmaceuticals, Steel and Aluminum, Autos, Copper, Lumber, and Agricultural Products. So far, China, Canada, and the European Union have announced or imposed retaliatory tariffs altogether affecting $330 billion of US exports.

On April 9, Trump posted on Truth Social that because more than 75 countries had reached out to the U.S. government for trade talks and had not retaliated in meaningful ways, “I have authorized a 90 day PAUSE, and a substantially lowered Reciprocal Tariff during this period, of 10%, also effective immediately.” However, he did jack up the tax rate on Chinese imports to 145%. China responded with a 125% tariff on US goods. Currently, excluding China, the US is imposing an average 18% tariff on all imports, the highest since 1934 (CNBC).