• US lawmakers critical of Trump tariffs, say it will derail economy The tariffs are just taxes on American businesses and consumers, while providing no benefit to the economy, critics of Trump’s policies say. • Cointelegraph in your social feed The tariffs imposed by US President Donald Trump and the 10% global tariff announced by Trump on Friday have drawn critical reactions from US lawmakers, Washington, DC-based think tanks and attorneys. • US Senator Rand Paulsaidthatthe Trump tariffsare a tax increase on “working families and small businesses,” characterizing them as a net negative on the economy. • “Those tariffs weren’t about security - they were a tax on families and small businesses to bankroll a reckless trade war,” US Congressperson Ro Khannasaid. • On Friday, the US Supreme Court (SCOTUS)struck down Trump’s authorityto levy tariffs under the IEEPA, which Trump responded to byannouncing new 10% global tariffs. • Scott Lincicome, Vice President of Cato’s Herbert A.
Article Summaries:
- US lawmakers and think‑tank experts have condemned President Trump’s new tariff policy, arguing it will harm the economy and small businesses. After the Supreme Court struck down Trump’s authority to impose tariffs under the IEEPA, the president announced a 10 % global tariff that will sit atop existing rates. Senator Rand Paul and Rep. Ro Khanna called the measures “taxes on families and small businesses” rather than security actions. Cato Institute officials warned that higher tariffs would damage trade relations and the economy, while a pro‑crypto attorney noted the legal basis for the new tariffs is limited. Crypto markets remained largely flat, with Bitcoin rising only about 3 % after the announcement.
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