WASHINGTON, DC -- In an overdue reversal, President Donald Trump abruptly announced via his social media platform today that he ordered a pause of his tariffs regime for 90 days.  U.S. Senator Jack Reed reacted to the news by stating:

“After causing a financial disaster, President Trump came to his senses and realized what Democrats, small businesses, working families, Main Street and Wall Street have told him all along: his blanket tariff tax regime meant higher prices, fewer jobs, and a likely recession. 

“It was clear from the get go that the Trump Administration hadn’t done its homework on tariffs.  They literally miscalculated on the math and threw the global economy into disarray.  Due to the Trump Administration’s recklessness, our economy shed trillions of dollars and consumers and businesses were left holding the bag for higher prices.  President Trump is directly to blame.  He created these tariffs out of thin air and chose to put them on American consumers.  This was an ‘own goal’ of historic proportions.  The American people deserve better.”  

In response to Trump implementing his tariff taxes last week, U.S. financial markets acted with volatility, triggering the loss of trillions of dollars.  Today’s abrupt announcement of the pause seemed to tamp down the economic chaos, but the President’s reckless tariff and economic policy has created significant uncertainty for businesses and financial markets and continues to put our economy at risk.  Senator Reed supports legislation to end the ‘Trump sales tax’ on imported goods and restore Congress’ constitutional authority over tariffs.