- New bill requires congressional ratification of tariffs within 60 days
- Modeled after 1973 War Powers Resolution framework
- 4 GOP senators break ranks to support tariff limitations
- Soybean futures drop 9% amid Canadian retaliation threats
The Senate Finance Committee unveiled groundbreaking bipartisan legislation Thursday that directly challenges presidential authority over trade policy. Senators Grassley (R-IA) and Cantwell (D-WA) propose requiring congressional approval for all new tariffs within 60 days of announcement, mirroring the checks established in the 1973 War Powers Resolution. This move comes as agricultural markets show immediate volatility, with Chicago Mercantile Exchange data revealing a 9% plunge in soybean futures following Canada's threat to target American farm exports.
Historical precedent suggests this legislative push could reshape executive authority. The proposed Trade Review Act of 2025 specifically references Congress' successful reclamation of war declaration powers following Vietnam-era overreach. Just as we restored balance in national security decisions, we must now do the same for economic security,Cantwell stated during floor debates. Energy industry analysts note the bill could protect recent liquefied natural gas export agreements vulnerable to retaliatory measures.
Midwest agricultural communities demonstrate the regional stakes of this policy battle. North Dakota's soybean processing facilities, which handle 18% of U.S. production, have already postponed $340 million in expansion projects. We're replaying the 2018 tariff damage but with higher stakes,warned Farm Bureau representative Tanya Olson. Meanwhile, manufacturing hubs like South Carolina face dual pressures from increased steel costs and potential European Union auto tariff escalations.
Constitutional scholars highlight the unusual bipartisan alignment on executive power constraints. Brookings Institution researcher Dr. Lyle Goldstein observed, This coalition combines traditional free-trade Republicans with Democrats seeking institutional checks.The legislation's 60-day ratification window creates procedural hurdles but allows congressional input on complex trade relationships. Treasury Department officials estimate current tariff proposals could add $1,200 annually to average household expenses if fully implemented.
Long-term implications for U.S.-China relations remain uncertain. While McConnell advocates focusing tariffs solely on Beijing's IP violations, the bill's framework permits targeted measures against unfair trade practices. Defense contractors warn that aluminum tariff escalations could increase F-35 production costs by 7-9%, potentially impacting Pentagon procurement schedules. As the Senate prepares for rare summer session debates, all eyes turn to House leadership's willingness to challenge presidential trade authority.