Sen. Elizabeth Warren (D-Mass.) called on Republicans to “put the American people over blind loyalty to Donald Trump” on Monday as U.S. markets continue reeling from the president’s sweeping tariff threats.
What Happened: “Since Trump announced his worldwide tariffs: markets tanked, retirement accounts took a hit, and Americans are panicked,” Warren wrote on X. “We can pass a resolution right now to stop this chaos.”
Warren’s comments come as the Dow Jones Industrial Average, tracked by SPDR Dow Jones Industrial Average ETF (NYSE:DIA), fell nearly 1% Monday after dropping more than 1,700 points earlier in the session. The broader market, measured by the S&P 500, tracked by SPDR S&P 500 (NYSE:SPY), has seen two-day losses exceeding 10% – its worst performance since March 2020.
What Happened: The upheaval stems from Trump’s threat to impose 50% tariffs on Chinese imports if Beijing doesn’t withdraw its recent 34% duty on American products by Apr. 8. China’s Commerce Ministry has vowed to “fight to the end” against what it called “a mistake on top of a mistake.”
BlackRock Inc. CEO Larry Fink warned the tariffs would impact not just Wall Street but Main Street, noting “62% of Americans now invest in equities.”
Economist Nouriel Roubini described the situation as “a three-way game of chicken” between Trump, Federal Reserve Chair Jerome Powell, and Chinese President Xi Jinping.
Warren urged Congress to use its authority to halt the tariffs through a resolution stopping Trump’s use of emergency powers. “We don’t need to write a whole new law,” she said. “We just need a spine.”
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