Warren: Congress Can Save Economy From Trump's Tariffs

Ladies and gentlemen, buckle up! We're diving headfirst into the economic whirlwind of 2025, where tariffs are skyrocketing and the market is on a rollercoaster ride. Elizabeth Warren is sounding the alarm, and Don Bacon is stepping up to the plate with a game-changing bill. Let's break it down!

Warren's Wake-Up Call

Elizabeth Warren is not mincing words. She's calling on Congress to take back control of tariffs and pull our economy from the brink. "Congress has the power to pull our economy back from the brink," she declared. "We need a handful of Republicans not to bend a knee to the president's tariff tantrums."

Warren's "economic patriotism" is all about putting workers and the middle class first. She's talking about trade policies that protect American jobs and industries, not just fix trade deficits with tariffs. "America enters into trade negotiations with enormous leverage," she says. "We need to use that leverage to protect workers, farmers, and the environment."

Bacon's Bill: A Game Changer

Enter Don Bacon, the Nebraska Republican who's introducing legislation to give Congress control over tariffs. This bill is identical to what Iowa Republican Chuck Grassley introduced in the Senate last week. It's a direct challenge to President Trump's tariff power, and it's exactly what we need right now.

The bill requires the president to notify Congress of any new tariffs within 48 hours and provide analysis and reason for their purpose. It also allows Congress 60 days to review the tariff. This is a no-brainer! It's about time Congress stepped up and took back its authority on trade.

The Tariff Tsunami

Let's talk numbers. The April 2025 tariff announcement was a doozy. It raised the average effective U.S. tariff rate by 11.5 percentage points, leading to an average per household consumer loss of $2,100 in 2024 dollars. That's a 1.3% increase in consumer prices in the short run. And that's just the tip of the iceberg.

The Budget Lab modeled the effect of all 2025 tariffs, and the results are staggering. The average effective U.S. tariff rate is now 22.5%, the highest since 1909. That's a 2.3% increase in consumer prices in the short run, equivalent to an average per household consumer loss of $3,800 in 2024 dollars. Annual losses for households at the bottom of the income distribution are $1,700. This is a disaster waiting to happen!

The Market's Reaction

The market is already feeling the heat. Tesla shares dropped sharply after an analyst cut his price target, pointing to President Trump's aggressive tariffs and Elon Musk's controversial role in his administration. This is just the beginning. The market hates uncertainty, and these tariffs are creating a perfect storm of chaos.

The Bottom Line

So, what do we do? We need to support Bacon's bill and Warren's call for "economic patriotism." We need to take back control of tariffs and protect American workers and industries. This is not about politics; it's about the future of our economy.

Do this! Call your representatives and tell them to support Bacon's bill. Tell them to stand up for American workers and industries. Tell them to pull our economy back from the brink. This is a no-brainer! This is about the future of our economy, and we need to act now!

BOO-YAH! Let's get this done!