There is one individual who could end the tariff madness today if he only had the cajones to stand up and do the right thing.
This individual, however, would never qualify as an entry to JFK’s 1956 best-seller Profiles in Courage because he has signaled to the world that he does not possess an ounce of genuine courage – despite being a U.S. Marine veteran.
His name is Mike Johnson. He is the Speaker of the House and sorry to say, is from Louisiana.
All he has to do is give a thumbs-up to a measure that reasserts Congress’s AUTHORITY OVER TARIFFS.
Article I, Section 8 of the U.S. Constitution says, “The Congress shall have power to lay and collect taxes, duties, imposts and excises…[and] to regulate commerce with foreign nations.”
Some 50 years ago, however, Congress effectively delegated all responsibilities on tariffs to the executive branch.
Going all the way back to 1934, Congress passed the Reciprocal Trade Agreements Act which gave President Franklin Roosevelt the authority to vary tariffs by 50 percent and to negotiate trade agreements without having to obtain additional approval from Congress. The president has generally controlled tariff policies since that time.
But Congress can, at any time it chooses, RESCIND THAT AUTHORITY to the President but to do so, Republicans – including especially House Speaker Johnson – would have to put loyalty to the country and the economy above loyalty to Donald Trump.
That would require a show of courage that Republicans as a group simply do not possess.
That may also be why Johnson instructed his fellow Republicans to refrain from holding any town hall meetings back home. After all, some smart-ass constitutional scholar might ask an embarrassing question.
The economic turmoil the U.S. and the world markets are experiencing right now doesn’t have to be. Your 401(K) doesn’t have to take the hit it’s taking right now.
You don’t have to pay an additional $6,000 or so if you want to purchase a new vehicle.
You don’t have to shell an sudden additional $7500 to the cost of a family for basic necessities over the next year.
You don’t have to pay more for imported lumber, agricultural products, coffee, steel or electronic products.
All it takes is a little show of courage to make a bully back down from his incessant intimidation.
But don’t expect it to happen. Cowards just won’t fight back.