As markets continued to fall in reaction to President Donald Trump’s tariffs, U.S. Sen. Elizabeth Warren (D-MA) and Senate Banking Committee Democrats called on Republicans to stop Trump’s use of the International Emergency Economic Powers Act to impose them.
On Wednesday, Trump announced sweeping tariffs for numerous countries, citing a trade imbalance he sought to correct. In response, the market dropped. On Friday, the Dow Jones lost 2,231 points and the S&P dropped 6 percent – the worst week for the stock market since 2020, and only the fourth time in history the DOW lost more than 2,000 points in a single day. Warren, the ranking member of the Senate Banking, Housing and Urban Affairs Committee (BHUA), and Democrats on the committee, called on committee chair U.S. Sen. Tim Scott (R-SC) to convene the hearing.
“We urge you to hold a hearing so the American people can understand the President’s plan and how it will affect their economic futures,” the letter said. “The committee has jurisdiction over key aspects of IEEPA and tariffs as a tool, and we have a responsibility to the American people to exercise our oversight function to scrutinize how the President is using them.”
The letter was also signed by U.S. Sens. Chris Van Hollen (D-MD), Catherine Cortez-Masto (D-NV), Tina Smith (D-MN), Raphael Warnock (D-GA), Ruben Gallego (D-AZ), Angela Alsobrooks (D-Md.), Andy Kim (D-N.J.), and Lisa Blunt Rochester (D-DE).
Warren is also urging Congressional Republicans to overturn the president’s use of the IEEPA to put his tariffs in place.
“Congress is not without power. Republicans in Congress can join Democrats to pass a resolution immediately to turn off President Trump’s tariffs,” Warren said.