Business "freak out" spurs plans to tame Trump on trade

“This is a real turning point because this is threatening tariffs using an emergency power,” said another top industry source involved. “That’s never been done before. Part of the resources that we want to direct our advocacy to … is for Congress to take back authority over tariffs.”

“We can get back on USMCA and try to pass the thing and we can all be hunky-dory, but I think you’re going to see a longer term business community effort to help Congress reassert its authority on tariffs.”

Legislation could go so far as requiring congressional approval of most presidential trade actions. (We’re already seeing some efforts along these lines, led by Republican Sens. Chuck Grassley and Pat Toomey.)