Cato Trade Experts on Russia Bill’s Tariff Powers

“Legally dubious and reckless protectionism is the centerpiece of President Trump’s economic agenda. It is increasingly clear that the administration’s tariffs are a serious headwind for a struggling economy, which helps explain why they are so unpopular with the American people. Instead of granting the president more unilateral and open-ended power to tax American families and businesses, Congress should curtail existing tariff laws to put a stop to this failed experiment.”

“Instead of reining in prior delegations of tariff-setting authority, which the executive branch has abused for nearly a decade, Congress has voted to give the president more such powers. The foreign policy merits of targeting the largest purchasers of Russian energy aside, this tariff mechanism gives the president too much discretion in determining the scope and magnitude of any duties levied through it and contains limited guardrails to prevent its abuse—a combination that could lead to hundreds of billions of dollars in additional import taxes. Today’s vote notwithstanding, Congress needs to reassert its constitutional authority over tariffs and trade policy.”