Summary
Senators Chuck Grassley and Maria Cantwell introduced the bipartisan Trade Review Act of 2025 to reassert Congress’s authority over tariffs, following Donald Trump’s sweeping tariff announcements.
The bill would require the president to justify new tariffs and submit an economic impact analysis. Congress must approve tariffs within 60 days or they expire; it could also revoke them anytime.
Grassley’s support signals growing Republican concern over Trump’s trade policies.
The bill echoes the War Powers Act (1973), underscoring fears that unchecked trade actions harm U.S. allies, exports, and consumers.
The S&P 500 is still up year-over-year. There’s a lot of pain on the way as responses and consequences roll out; this isn’t bottoming out in a week.
This is the part of the rollercoaster where the ascent finishes and gravity takes over. Of course the long term metrics don’t reflect what’s happening yet.