U.S Senator Chuck Grassley Says There Is Too Much Uncertainty From President Donald Trump’s Tariffs

U.S. Senator Chuck Grassley says much is unknown about what the economy and market will look like as President Donald Trump imposes tariffs on imports from several major trading partners. Tariffs range from 10 percent up to 25 percent on various goods from Mexico, Canada, and China to increase border security from unlawful immigration and the transport of illegal fentanyl into the country. Grassley says Trump ordered the tariffs on Feb. 1, but right before the Feb. 4 effective date, Trump announced a one-month delay after reaching agreements with Canada and Mexico.

Ten percent tariffs were imposed on goods from China on Feb. 4, with 25 percent tariffs on Canada and Mexico going into effect on March 4, which responded with retaliatory tariffs. Grassley says aside from U.S. stocks starting to take a plunge, the S&P 500 dropped two percent, the Nasdaq fell 2.5 percent, and more industries will see the effects of the tariffs.

Even with the United States-Mexico-Canada Agreement (USMCA) for free trade, Grassley says Trump is planning to implement “reciprocal tariffs” starting on April 2.

Grassley made his comments on Monday during his weekly Capitol Hill Report with reporters.