Press Releases

(As prepared for delivery)

Thank you, Mr. Chairman, and thank you to Ambassador Greer for being here today. From the economic soft-landing President Trump was handed, it’s only taken him 79 days to inflict permanent damage. Recession odds get higher by the day, following the largest tax and tariff hike in decades. Retirement savings, education plans, new home and auto sales have been wiped out—all because of self-inflicted harm that’s going to steal thousands of dollars from the people’s wallets. 

Last night, the President said he’s now coming for higher drug prices. Between the cuts they have planned to our programs that lower costs, and the rising prices from these tariffs, their meager tax giveaways won’t even make a dent in the higher costs my colleagues have planned for the people. 

The Wall Street Journal’s editorial board said it best: this is “the dumbest trade war in history.” It’s not only dumb, but also unconstitutional. It started with Trump’s unprecedented imposition of emergency tariffs on two of our closest allies—Canada and Mexico. By declaring a so-called “emergency” the President gave himself certain delegated powers under the International Emergency Economic Powers Act (IEEPA). But IEEPA is not the blank check the President seems to believe. 

On April 2, he stretched even further to self-delegate more emergency powers. Now, he’s defying economics, and attempting to convince the people that the trade deficit that we’ve had for the last 50 years is suddenly “an unusual and extraordinary emergency.” 

Whether you think the trade deficit is a concern or not—and most serious economists would argue it’s not a useful indicator by itself—it’s clear that it does not meet the definition of an emergency in the statute. If these bad-faith arguments weren’t so serious and consequential, they would be laughable. 

Republicans in Congress, meanwhile, are missing in action. To my friends on the other side of the aisle, where are your constitutional principles now? And where does the Republican Tariff Caucus even meet? I never could’ve imagined them supporting the economy being burnt to the ground—over tariffs no less—and not a word from the Republican conference. These are your price hikes just as much as the President’s. 

The Constitution vests trade authority in the Congress, and some of the powers have been delegated to the President and USTR over the years. But that Constitutional arrangement has always been based on trust and adherence to the law. On February 1, that trust was broken. And on April 2, it was smashed beyond repair. 

Ambassador Greer: I have heard your defense of tariffs, and I expect we’ll hear more today. We don’t object to all tariffs, in fact, they can be a strong negotiating tool for standing up to an adversary. But the kind of lazy, across-the-board tariffs—for all countries and products—are always going to raise prices and kill our own exports. Starting a trade war with every other country at the same time is a bad strategy. I suspect you know that.

The Courts will see these Trumped-up emergencies for the pretexts that they are and declare them illegal. When that happens, trade policy should return to serving America’s interests and being consistent with the law and the Constitution. The people cannot afford more amateur hour. Trade policy needs to move back into the hands of the Congress so we can begin restoring some of the trust that has been so badly damaged these past few weeks. 

Ambassador Greer: I want to work with you and we’ve both seen what we can accomplish together when it works the way it should.  This can be fixed, but it’s going to take putting the rule of law over ego and greed. 

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