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On Monday, President Trump indicated a willingness to veto a Senate resolution that aims to counter his recent imposition of tariffs on multiple countries.
According to a statement from the Office of Management and Budget, obtained by The Hill, Trump plans to reject the resolution introduced by Senator Ron Wyden (D-Ore.) because it would “undermine the Administration’s efforts to address the unusual and extraordinary threats to national security and economic stability” that arise from the trade deficit.
Senator Wyden, who serves as the leading Democrat on the Senate Finance Committee, introduced this resolution earlier in the month as a legislative measure intended to curb Trump’s trade authority.
A Senate vote on the matter is anticipated by the end of the week, with the possibility of it occurring as soon as Wednesday.
The proposed legislation seeks to annul Trump’s 10 percent tariffs on all imported goods and would restrict his ability to enact further tariffs of up to 49 percent on a variety of countries.
Legislators from both political parties have expressed a desire to rein in the president’s trade powers, particularly in response to recent actions that have heightened concerns about a potential recession.
Another legislative effort outlines limits on Trump’s capability to unilaterally impose tariffs without Congressional approval. This bill has garnered support from seven Republican senators, including Chuck Grassley (Iowa), the Senate’s president pro tempore, and Mitch McConnell (Ky.), the former Senate Republican leader.
On April 2, Trump enacted broad “reciprocal” tariffs on trading partners, which his administration labeled “Liberation Day.” This move unsettled the markets, leading to increased calls from both lawmakers and Wall Street for the president to reconsider his approach.
On April 9, Trump temporarily suspended the substantial tariffs on trading partners for 90 days while maintaining the existing 10 percent tariffs. He also raised the tariffs on China to a total of 145 percent.
Administration officials have engaged in discussions with trading partners in hopes of reaching tariff agreements before the 90-day moratorium concludes, although no definitive deals have emerged thus far.
Source
thehill.com