With Tariffs, U.S. Presidents Must Defer to Congress

One of the hallmarks of our modern political age is the consistent, bipartisan delegation of power from Congress to the Executive branch. In the interest of short-term political gain and a desire to avoid accountability, partisans in Congress will often empower the president of the same party to achieve policy priorities. President Obama's executive amnesty and President Trump's national emergency come to mind.

So it's notable to see a bipartisan effort, championed by Republican Senator Pat Toomey (R-PA) and Congressman Mike Gallagher (R-WI), that aims to claw back power to the legislative branch. The Bicameral Congressional Trade Authority Act, introduced at the end of January, seeks to ensure that existing presidential authority to set tariffs in the interest of national security is actually exercised for national security reasons by, among other things, placing investigation of the need for such tariffs in the Department of Defense and requiring congressional approval of any tariffs that are to be imposed.

Read Full Article »


Comment
Show comments Hide Comments


Related Articles

Market Overview
Search Stock Quotes