Democrats Slam Trump's Tariffs As Stocks Tumble

U.S. President Donald Trump is facing mounting criticism from both Democratic and Republican lawmakers after unveiling sweeping new tariffs that sent global stock markets into a tailspin. The policy announcement on Wednesday triggered a sharp selloff, with the U.S. dollar hitting a six-month low and major stock indices suffering steep declines.

Senate Minority Leader Chuck Schumer took to X to highlight what he saw as inconsistencies in Trump’s tariff strategy, writing: “54% tariffs on China, 10% tariffs on Iran, 0% tariffs on Russia,” adding a questioning emoji at the end.

New Jersey Senator Cory Booker, who made headlines this week for delivering the longest speech in Senate history, pointed to a rare moment of bipartisan agreement against Trump’s trade policies. Posting headlines about Republican lawmakers joining Democrats to overturn tariffs on Canada, Booker wrote: “This is what happens when people speak up.”

Hawaii Senator Brian Schatz was blunt in his criticism, writing: “I’ve never seen a president ruin the economy on purpose.” Connecticut Senator Chris Murphy added: “This is the thing to understand. It’s all on purpose. Creating chaos and crisis.”

Stock Market Takes a Hit

Trump’s tariff announcement sent shockwaves through Wall Street, causing a steep drop in stock prices. The Dow Jones Industrial Average plunged by 1,137 points, or 2.7%, while the NASDAQ dropped 5%. Bloomberg reported that roughly $1.7 trillion was wiped off the S&P 500 Index at the start of trading on Thursday.

New York Governor Kathy Hochul reacted to the market collapse on X, referencing Trump’s previous claims about economic “liberation.” She wrote: “This is what Liberation Day looks like.”

Republicans Voice Concern Over Tariff Fallout

While most of the criticism has come from Democrats, some Republican lawmakers have also expressed concern over the economic impact of Trump’s trade policies. Kentucky Senator Rand Paul, who co-sponsored a bipartisan effort to reverse Trump’s tariffs on Canada, called the new tariffs “the most significant U.S. protectionist trade action since the 1930s,” warning that they could deepen economic instability.

However, US Vice President JD Vance defended Trump’s approach in an interview with Fox News. He urged patience, saying: “What I’d ask folks to appreciate here is that we’re not going to fix things overnight.” Vance added that, with the “right regulation,” Americans would “benefit from the fact that foreign countries can’t take advantage of us any more.”

A Global Economic Reckoning?

As world leaders and economists assess the long-term impact of Trump’s latest tariffs, the immediate effects are already visible. With markets reacting negatively and bipartisan frustration growing, the policy shift has intensified debate over the future of global trade and America’s economic direction.

For now, the uncertainty surrounding Trump’s tariffs has left both lawmakers and investors bracing for further turmoil.