Does Trump lose the tariff weapon? Bill stirs storm in Washington.

In a significant legislative move, Republican Representative Don Baco announced his intention to introduce a bill in the House of Representatives that would restrict President Donald Trump's authority to impose tariffs, according to "Politico." The bill grants Congress the power to cancel any tariffs through a vote at any time, requiring the President to notify Congress within 48 hours of imposing tariffs and obtain approval within 60 days. Four other Republican representatives have signed the bill, reflecting division within the Republican Party over Trump's trade policies. This action comes after a sharp decline in Wall Street by 6% following the announcement of new tariffs. U.S. indices recorded their worst performance in five years, with the S&P falling by over 9%, Nasdaq by over 10%, and Dow Jones by 7.86% in just one week. Federal Reserve Chairman Jerome Powell warned that the new tariffs are likely to lead to inflation and economic growth slowdown, with effects potentially greater and longer-lasting than expected. Nevertheless, Powell emphasized that it is still early to adjust monetary policy, indicating that the central bank will carefully monitor developments and data before making any decisions. This move highlights escalating tension between the legislative and executive branches, sparking widespread debate about the limits of the President's authority in shaping trade policies and their impact on the U.S. economy.