Sen. Wyden introduces bill to curb Trump’s tariff powers

Sen. Ron Wyden, D-Ore., introduced a bill Wednesday that would rein in President Donald Trump’s sweeping tariff powers to set import tariffs by gutting some of his statutory tools and giving Congress more authority over them.

A day later, Wyden unveiled the new law. criticism of trump To announce 50% retaliatory tariffs on a wide range of Canadian goods, citing a nearly century-old trade law that has rarely been enforced.

“Donald Trump has abused every trade authority at his disposal, and he is now once again taking a law from the Great Depression to impose huge, unilateral tariffs on the products of our closest allies and trading partners,” Wyden, the top Democrat on the Senate Finance Committee, said in a statement. statement.

“This is another blow that will raise the cost of living for Americans, their families and small businesses across the country,” Wyden said. He said he would introduce a bill to “put Congress back in the driver’s seat.”

The bill faces a long shot at passage in Congress, where Republicans hold majorities in both houses. Even if it passes, Trump can veto the bill.

The US Constitution gives Congress the power to impose tariffs, but the legislative branch has given this power to the President over time vital powers Imposition of duty on foreign goods. Wyden’s bill, dubbed the “Congressional Trade Powers Reform Act of 2026,” aims to reverse that trend.

This would require Trump to seek congressional approval for the proposed tariffs brought under three authorities, known as Sections 301, 201 and 232.

section 301 The Trade Act of 1974 gives the executive branch the authority to impose tariffs in response to foreign trade practices deemed unfair to the United States.

under section 201 According to the same law, the President can impose tariffs if the US International Trade Commission finds that increased imports are posing a serious threat to domestic industry.

section 232 The Trade Expansion Act of 1962 allows the President to impose tariffs on national security grounds.

Wyden’s bill would also eliminate two tariff authorities that the senator says are “outdated.”

they are: section 122 the Trade Act of 1974, which gives the President tariff powers in cases involving international payments problems; And section 338 Under the Tariff Act of 1930, under which the President can impose tariffs of up to 50% on goods from countries that discriminate against the US.

This bill would establish a “Joint Committee on Tariffs and Trade” of Congress, to which the President would be required to submit his tariff proposals. The committee will consist of five members each from the Senate Finance Committee and the House Ways and Means Committee.

The Committee will have up to 30 days to review the President’s proposal and decide whether to recommend it to Congress for a vote on a joint resolution within a certain time frame.

It would also increase oversight of the Office of the U.S. Trade Representative by creating a separate agency outside the Executive Office of the President and establishing an Inspector General within it.

The White House did not immediately respond to CNBC’s request for comment on Wyden’s bill.