U.S. Senate votes to end Trump’s tariffs on Canada

Source Cryptopolitan

The Senate approved a resolution by a 51 to 48 vote led by Democratic Senator Tim Kaine and Republican Senator Rand Paul to block Trump’s tariffs on imports from Canada. Both senators were joined by three other Republicans, including former Senate Majority Leader Mitch McConnell, Susan Collins, and Lisa Murkowski, who voted to end the economic emergency that was imposed in February.

The senators voted in disapproval of Trump’s tariffs on Canada just a few hours after he announced he would impose a 10% tariff on all imports. The President also revealed he would levy even higher rates on imports from the European Union, China, Vietnam, and Japan. 

He announced on Wednesday that he was imposing what he termed “reciprocal tariffs” on about 60 nations but exempted Canada and Mexico. Both countries are still facing tariffs under separate policies targeting aluminum and steel, which took effect in February.

The resolution required the support of at least four Republicans for approval, with the chamber’s 47 Democrats and independents. The President pressured the GOP before the vote, arguing that “Republicans in the Senate MUST vote to keep the National Emergency in place, so we can finish the job and end the scourge.”

U.S. Senate votes to end Trump’s tariffs on Canada

Several Republican senators joined Democrats to vote against Trump’s tariffs on Canada, which marked a rare move against the President’s trade policy just hours after he announced plans for sweeping import taxes. The Senate voted to end Trump’s tariffs on Canada with a 51-48 vote led by four Republicans: Susan Collins of Maine, Lisa Murkowski of Alaska and Kentucky senators Mitch McConnell and Rand Paul.

Trump unveiled sweeping new tariffs in a White House Rose Garden ceremony on Wednesday but did not include additional levies on Canada. The Senate vote against Trump’s tariffs on the nation amounted to a significant bipartisan condemnation of his escalating global trade war with allies and enemies alike. The President noted that “it would be devastating for the Republican Party and, far more importantly, for the United States.”

The Senate’s vote has practically no chance of passing the Republican-controlled House and being signed by Trump, as he vowed that “I, as your President, will never sign it.” The vote also showed the limits of Republican support for Trump’s vision of remaking the U.S. economy since it was the first serious attempt by Congress at limiting the President’s ability to restrict free trade. 

The Senate’s resolution passing the House will also be a challenge due to changes that House Republicans pushed through last month. The new rules adopted last month will force the Senate-passed resolution to pass through the House’s committee process, which is a journey that is highly unlikely to be completed anytime soon.

Senators unravel their take on Trump’s tariffs on Canada

Senator Rand Paul stressed the economic damage tariffs will likely cause American families, businesses, and farmers. He noted that estimates showed that tariffs will increase the cost of homes, cars, and many consumer goods.

“We’re not at war with Canada. They’re an ally that buys more of our stuff than almost any other country in the world.”

-Rand Paul, U.S. Senator from Kentucky.

Democratic Senator Tim Kaine, the bill’s sponsor, argued that “tariffs will hurt our families” and that Canada was not their enemy. The politician added that the U.S. should not impose punishing costs on American families at a time when they can’t afford it. He also highlighted, “Let’s not make our national security investments in ships and subs more expensive.”

Senator Collins defended her vote and argued that tariffs would hurt working families in her state of Maine, which shares a long border with Canada. She maintained that “the price hikes that will happen for Maine families … if these tariffs go into effect, will be so harmful.”

Senate Majority Leader John Thune urged Republicans before the vote to oppose the resolution. Thune argued that the tariffs were needed to “ensure that President Trump has the tools to combat the flow of fentanyl from all directions.”

Trump had blasted the Republican senators on Truth Social for championing the resolution aimed at undoing the tariffs against Canada. He also implored them to “get on the Republican bandwagon, for a change, and fight the Democrats’ wild and flagrant push to not penalize Canada for the sale, into our Country, of large amounts of Fentanyl.”

Senator Collins also mentioned that fentanyl from Canada was not a major threat to the U.S., as Trump’s national emergency claimed. She acknowledged that “the fact is the vast majority of fentanyl in America comes from the southern border.”

Cryptopolitan Academy: Want to grow your money in 2025? Learn how to do it with DeFi in our upcoming webclass. Save Your Spot

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Natural Gas sinks to pivotal level as China’s demand slumpsNatural Gas price (XNG/USD) edges lower and sinks to $2.56 on Monday, extending its losing streak for the fifth day in a row. The move comes on the back of China cutting its Liquified Natural Gas (LNG) imports after prices rose above $3.0 in June. It
Author  FXStreet
Jul 01, 2024
Natural Gas price (XNG/USD) edges lower and sinks to $2.56 on Monday, extending its losing streak for the fifth day in a row. The move comes on the back of China cutting its Liquified Natural Gas (LNG) imports after prices rose above $3.0 in June. It
placeholder
AUD/USD: Current price action is likely the early stages of a recovery – UOB GroupAustralian Dollar (AUD) is likely to trade in a sideways range between 0.6220 and 0.6290. In the longer run, current price action is likely the early stages of a recovery phase that could potentially reach 0.6350, UOB Group’s FX analysts Quek Ser Leang and Lee Sue Ann note.
Author  FXStreet
Jan 22, Wed
Australian Dollar (AUD) is likely to trade in a sideways range between 0.6220 and 0.6290. In the longer run, current price action is likely the early stages of a recovery phase that could potentially reach 0.6350, UOB Group’s FX analysts Quek Ser Leang and Lee Sue Ann note.
placeholder
Five bullish Shiba Inu (SHIB) Price Predictions for April 2025SHIB price targets diverge as investors weigh Shibarium L3 upgrades, burn-rate surges, and altcoin market sentiment. Forecasts range from a conservative $0.000012 to a parabolic $0.00030.
Author  FXStreet
Apr 16, Wed
SHIB price targets diverge as investors weigh Shibarium L3 upgrades, burn-rate surges, and altcoin market sentiment. Forecasts range from a conservative $0.000012 to a parabolic $0.00030.
placeholder
Gold price slides back closer to $3,300 amid positive risk tone, modest USD uptickGold price (XAU/USD) trades with a negative bias for the second consecutive day, though it lacks bearish conviction and holds above the $3,300 mark during the Asian session on Wednesday.
Author  FXStreet
21 hours ago
Gold price (XAU/USD) trades with a negative bias for the second consecutive day, though it lacks bearish conviction and holds above the $3,300 mark during the Asian session on Wednesday.
placeholder
Gold extends consolidation ahead of key US data releasesGold price (XAU/USD) continues to trade in a narrow range around $3,300 on Wednesday as traders await key US economic data, which could become the catalyst for an imminent breakout. 
Author  FXStreet
19 hours ago
Gold price (XAU/USD) continues to trade in a narrow range around $3,300 on Wednesday as traders await key US economic data, which could become the catalyst for an imminent breakout. 
goTop
quote