US Senator Ted Cruz warned that continued tariffs imposed by President Donald Trump on trading partners could harm the US economy and consumers at home.
"I think it's a mistake to assume that we're going to have permanently high tariffs," Cruz said in an interview with Fox Business. "I don't think that's sound economic policy. I'm not a proponent of tariffs."
He added, "The next few weeks, and perhaps within a month or two or three, will reveal how things will play out." He explained that Trump's aggressive trade policies may be successful, but warned that they could backfire on the US economy.
He continued, "If yesterday's announcement leads many of our trading partners around the world to reduce tariffs on American goods and services, and the U.S. government also reduces the tariffs it announced, that would be a significant and beneficial gain for the United States."
He continued, "However, if our trading partners respond by raising their own tariffs, leading to higher tariffs globally, that would be a bad scenario for America. Tariffs are simply a tax on consumers, and I do not support raising taxes on American consumers."
He expressed his hope that "these tariffs will be temporary and will be used as a pressure card that will ultimately lead to a reduction in tariffs globally."
Cruz's remarks reflect growing concern within the US Congress following Trump's announcement of reciprocal tariffs on a number of countries around the world. He announced a 20% tariff on imports from the European Union, a 24% tariff on goods from Japan, and a 32% tariff on products imported from South Korea.
In the same vein, Senator Chuck Grassley, Republican of Iowa and a member of the Senate Finance Committee, introduced a bill on Thursday requiring Congress to approve any new tariffs within 60 days through a joint resolution, otherwise the tariffs would automatically expire.
Four Republican senators — Susan Collins of Maine, Lisa Murkowski of Missouri, Mitch McConnell, and Rand Paul of Kentucky — voted Wednesday in favor of a resolution to repeal Trump's 25 percent tariff on Canada, as well as a 10 percent tariff on Canadian energy imports imposed by his administration.
The resolution passed by a vote of 51 to 48, with all Democratic senators voting in favor.