It’s perhaps no surprise that Donald Trump, a man who says that “tariff” is the most beautiful word in the English language, is a fan of trade wars. During Trump’s first term, he slapped selective tariffs on steel, aluminum, solar panels, and washing machines. Then as now, China was the country that received the most pressure. In 2019, Trump raised tariffs to 25 percent on about $200 billion worth of Chinese goods, and Beijing quickly retaliated.

This week’s chaotic roller-coaster of a ride, however, makes that era look stable in comparison. Trump’s imposition of a “reciprocal” tariff regime, his walk-back of that very same regime in favor of a near-universal 10 percent duty, and his increase in levies on Chinese goods to 145 percent has the markets and the brains of economists around the world spinning in perpetual motion. Between April 2 and April 8, the S&P 500 lost about 12 percent of its value. Soon thereafter, even the bond markets went into turmoil as investors dumped U.S. treasuries.

Markets and businesses hate chaos and value predictability. So do politicians, most of whom like to play it safe and whose ambition is usually restricted to grandstanding for the cameras during a congressional hearing. Trump’s tariff madness, however, has actually caused some pushback above and beyond the usual press release expressing concern. 

On April 7, two days before Trump announced a 90-day pause on the “reciprocal” tariffs, a bipartisan group of senators introduced a bill that would reclaim for the legislative branch the right to impose tariffs. Structured similarity to the 1973 War Powers Resolution, the bill would require the president to notify Congress within 48 hours of any new or increased tariffs and lift them within 60 days unless they are enacted into law. "For too long, Congress has delegated its clear authority to regulate interstate and foreign commerce to the executive branch,” said Sen. Chuck Grassley, one of the co-sponsors. The White House, not unexpectedly, threatened to veto the bill.