Less than a day after President Donald Trump imposed a wave of new tariffs on dozens of countries, members of Congress from both parties were grappling with what to make of a trade strategy they fear could tank the U.S. economy, drive up consumer prices, and destabilize global markets.
Democrats seized on the market reaction to underscore what they see as reckless economic policymaking. “This is uncoordinated, capricious and simply destructive,” Sen. Adam Schiff, a California Democrat, told TIME Thursday morning. “He's going to tank our economy, and he could tank much of the economy around the world.”
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Those fears were fueling a stronger GOP pushback against Trump than seen in his second term thus far, though those speaking out still represented a minority in their party.
Trump’s tariffs quickly triggered a significant sell-off in the stock market, with major indexes on track for their worst day since at least 2022. Economists warn that the volatility may only be the beginning, with some predicting prolonged economic uncertainty if the tariffs remain in place and countries retaliate with additional taxes on American goods.
Four Republicans delivered a largely symbolic rebuke to Trump’s trade policy just hours after he announced them, voting Wednesday evening to undo his earlier tariffs on imports from Canada. Republican Sens. Mitch McConnell of Kentucky, Lisa Murkowski of Alaska, Susan Collins of Maine, and Rand Paul of Kentucky voted with all Democrats to invalidate a national emergency that Trump declared in February that allowed him to impose 25% tariffs on Canadian goods.
Murkowski told TIME on Thursday that she generally supports tariffs as an economic principle but doesn’t support the kind of across-the-board tariffs Trump is imposing.
The measure is not expected to move in the House, where House Speaker Mike Johnson defended the tariffs as a necessary measure to restore “fair and reciprocal trade” and level the playing field for American workers. Republican Sen. Rick Scott of Florida was similarly bullish on Trump's latest policy, and dismissed the stock market reaction. "I don't invest in the market directly. I'm focusing on what I like about tariffs. They're focused on American jobs," he tells TIME, adding, "I'm glad we finally have a person that gives a damn about American jobs.”
However, others in the GOP were less certain. Wisconsin Sen. Ron Johnson described Trump’s strategy as “a high-risk bet,” while North Carolina Sen. Thom Tillis admitted he was waiting to see how the market and trading partners responded before forming a definitive stance.
The most significant GOP opposition to the trade policy on Thursday came from Sen. Chuck Grassley, a senior Republican lawmaker from Iowa, who introduced a bill with Democratic Sen. Maria Cantwell of Washington to curtail the president’s authority to impose tariffs without congressional approval. The Trade Review Act of 2025, modeled after the War Powers Act, would require Congress to review and approve tariffs within 60 days or allow them to expire. Grassley emphasized the need to “reassert Congress’ constitutional role” in setting trade policy and prevent executive overreach. Hours later, Tillis told reporters he would support the bill.
While many lawmakers expressed concern for the economic fallout from the new tariff policies, some Democrats warned that it would be a tool for Trump to further consolidate power and undermine democratic institutions.
“Economists were trying to jump through hoops last night to understand it,” Sen. Chris Murphy, a Connecticut Democrat, told TIME on Thursday. “It's not economic policy, it's not trade policy. It's an attempt to purposely destroy the economy in order for him to cut deals, industry by industry, which gets him both a little bit of economic recovery and a pledge of loyalty from those companies.”
While Murphy conceded that Trump advocated for tariffs for decades, he argued that Trump’s current approach far exceeds anything he had previously endorsed. “I think both parties are in a place where they support the targeted use of tariffs,” he tells TIME. “What he announced yesterday is so sweeping and so disconnected from actual trade policy that my conclusion is that it must be part of something else.”
Schiff added that by imposing tariffs on every country, Trump is trying to subdue allies and rivals from across the globe from criticizing his actions. “The only nations that seem to be immune from his caprice are the dictatorships like Russia, Iran, and North Korea,” Schiff says. “He's treating countries like he's treating corporations, like he's treating law firms, like he's treating members of the press… It's part of the same caprice that you will often find with a dictator.”
Economic experts predict significant fallout from Trump’s tariff policies. Lawrence Summers, former treasury secretary and director of the National Economic Council, estimated that the tariffs could cost the U.S. economy $30 trillion in lost value—roughly $300,000 per family of four. The Yale Budget Lab projects that these tariffs could add $3,800 in annual costs for the average American household, further exacerbating inflation, which could rise above 4% this year.
The Trump Administration, however, remains confident in its approach. Commerce Secretary Howard Lutnick defended the tariffs in an interview with CNBC, arguing that they would ultimately benefit the U.S. by forcing trading partners to renegotiate deals more favorable to American industries. “I expect most countries to start to really examine their trade policy towards the United States of America, and stop picking on us,” Lutnick said. “This is the reordering of fair trade.”
West Virginia Sen. Jim Justice, who describes himself as a businessman and not a politician, also defended the tariffs, comparing the current market response to pushing a hand down into a bucket of water. “For a little while it looks ridiculous, turbulent, but just watch it. Long enough, it'll just ease itself out,” he says. “We got to watch this for a little while and see what happens. I think the upside to America really, genuinely starting to make something is much greater than the downside.”