Paul Bonnifield: Congress must stop trade wars | SteamboatToday.com
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Paul Bonnifield: Congress must stop trade wars

President Trump placed $50 billion worth of tariffs on China, more tariffs on Canada, threatened to end NAFTA, imposed tariffs on England and the European Union. China is responding with tariffs on the U.S. Tariffs are taxes, and taxes are both good and bad.

Under the Constitution, the House of Representatives holds the purse strings. They have the power to set tax policy, not the president.

To get an idea of the significance of the issue, simply examine the long-range stock market. Since the threat of a global trade war raised its head, the market lost hundreds of points and has been unstable. It does not know what to expect. Millions of Americans have suffered heavy losses.

If a world trade war gets out of hand, we all lose.  None of us want another Great Recession or worse.

Historically, often trade wars result in hot wars. President Trump is flirting with a bad day for all of us.

The tariff question is serious, complex and having a profound impact on the lives of millions of individuals and businesses. Congress must get a backbone and defend its Constitutional obligations.

It can start by stopping trade wars until it has been fully considered in open public hearings. Appropriate legislation with positive results can be passed into law.

Paul Bonnifield

Yampa


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