Trump Freezes Some Tariffs, Escalates Trade War with China
In a stunning about-face, President Donald Trump has announced a 90-day freeze on new tariffs affecting dozens of countries — a move that triggered a global market rebound. However, his administration simultaneously raised tariffs on Chinese imports to 125%, intensifying the U.S.-China trade war.
The shift follows days of financial volatility, with the S&P 500 losing nearly $6 trillion in market value since Trump’s initial April 2 tariff announcement. Trump blamed market panic on people “getting yippy,” but Treasury Secretary Scott Bessent admitted the freeze came partly in response to the economic turmoil.
“You have to be flexible,” Trump said, despite having insisted days earlier that his policies would remain unchanged.
Schumer: “The Trump Slump Is Real — and It’s Wrecking Retirement”
Senate Majority Leader Chuck Schumer (D-NY) sharply rebuked Trump’s trade strategy in a fiery press conference, labeling it “government by chaos.”
“Donald Trump is playing red light, green light with our economy,” Schumer said. “His tariffs have vaporized $104,000 from the average retirement account.”
Schumer cited a 17% drop in the S&P 500 and plummeting consumer confidence as signs that the economy is teetering under Trump’s unpredictable moves. He emphasized that millions of seniors near retirement are suffering as their savings disappear.
“This is not a game. It’s devastating people’s lives, incomes, and futures,” he added.
Gillibrand: Tariffs Will Cost New Yorkers $3,800 More Per Year
Senator Kirsten Gillibrand (D-NY) echoed Schumer’s concerns, holding her own virtual press conference where she condemned the tariffs as a “massive tax hike on working families.”
According to economic forecasts, Trump’s tariffs could cost the average New York household $3,800 annually, raising prices for gas, groceries, clothes, and more.
Gillibrand warned that the trade war could kill good-paying jobs, devastate small businesses, and fuel runaway inflation.
“I refuse to stand by while President Trump plays games with our economy,” she said.
To push back, Gillibrand backed the Trade Review Act, a bipartisan bill that would give Congress greater control over tariff policy and require detailed impact assessments before implementation.
Congress Moves to Reassert Power Over Presidential Tariffs
The Trade Review Act would:
- Require 48-hour notice to Congress before imposing tariffs.
- Mandate automatic expiration after 60 days unless Congress approves.
- Give Congress the ability to repeal tariffs via joint resolution.
Lawmakers from both parties have expressed concerns about Trump’s use of tariffs as a blunt-force tool, citing global backlash and economic uncertainty.
“We’re not letting up,” Schumer vowed. “There’s still a 10% blanket tariff in place and steep duties on China, Canada, and Mexico.”
China Fires Back as Trade War Deepens
China responded to Trump’s moves by hiking its own tariffs to 84% on U.S. imports and warned of continued escalation. The Chinese yuan fell to its lowest level since the global financial crisis, and sellers on Amazon are reportedly raising prices or exiting the U.S. market.
Trump insists “China wants to make a deal”, but analysts say the damage has been done. Goldman Sachs downgraded China’s GDP forecast to 4%, citing the tariff fallout.
Conclusion: Economic Stakes Rise as Tariff Showdown Reaches Congress
Trump’s partial tariff freeze may offer short-term market relief, but his broader strategy continues to sow chaos, inflation, and uncertainty.
Congressional leaders like Schumer and Gillibrand are demanding accountability — both for the immediate damage caused and for the unchecked power the president currently holds over trade policy.
With the 2025 economy hanging in the balance, the coming weeks may define the future of U.S. tariff policy — and who controls it.
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