Congress has given the president the power to impose new taxes.
Directly blaming the US president for price changes is typically misguided. It’s not like the Resolute Desk in the Oval Office has a big “price change” button for presidents to push. But in the case of President Trump’s new tariffs, such a button does exist — and he pushed it.
The US Constitution grants authority to Congress to “lay and collect” duties and to “regulate commerce with foreign nations.” But Congress has delegated its powers to set tariffs and negotiate trade to the president. For decades, the executive branch has used those powers to reduce barriers to trade and, sometimes, to impose tariffs in limited fashion.
This is a preview of our full op-ed originally published in Market Watch.
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