President Trump's trade ambassador, Jamieson Greer, faced intense questioning from senators regarding the administration's use of tariffs. Concerns were raised about the impact on markets and allies, with one Republican senator expressing frustration and demanding a clear strategy.
The White House confirmed that tariffs on Chinese goods would increase to 104 percent, causing a significant drop in the Dow Jones Industrial Average. This decision followed retaliatory tariffs from China, escalating the trade tensions.
Senators Tillis and Lankford pressed Greer for details on the administration's tariff strategy and timelines for negotiations. Greer emphasized the importance of achieving favorable outcomes over arbitrary timelines. Senator Lankford noted the unrealistic nature of eliminating trade deficits completely.
Senator Wyden, the top Democrat on the Finance Committee, announced plans to introduce a resolution to repeal Trump's new global tariffs, stating that Greer is unaware of the harm inflicted upon small businesses and the middle class.
President Trump stated that some tariffs may be permanent, while others could be used as negotiating tools, acknowledging that rebuilding domestic manufacturing takes time.