Iowa Congressman Zach Nunn says a new series of tariffs announced by President Trump sends wake-up signal to the world that the U.S. is not going to be taken advantage of anymore,
“When we keep our barriers on entry into the U.S. market low–so it means they can sell–but foreign partners and adversaries have steadily increased their tariffs over the last 20 years, really, and make it very difficult, bleeding money out of the United States and other economies, while none of that comes back in, and our products are not allowed to be sold overseas,” Nunn says.
The stock market plunged to its lowest levels Thursday since the COVID-19 outbreak in 2020 following the implementation of the tariffs. Nunn, a Republican from Bondurant, says the market will work itself out. “We’ll see some challenges on the stock market,” he says. “but, I’ve always said, I’d rather have this battle today with countries like China–where I serve on the China Select Committee, and I’ve seen what they’re doing–have this battle today with them on trade, versus ten years now when they control all of the export markets.”
Iowa Senator Chuck Grassley is proposing a bill that would require Congress to approve new tariffs. Nunn supports similar legislation in the House. “I think Senator Grassley has been around the block enough times. He knows what he’s talking about here when it comes to Congress’ role in looking at trade exports, and doing their due diligence. So, for that matter, I’m fully in favor of oversight of tariffs,” Nunn says.
Countries like China and Canada have already announced retaliatory measures against the U.S. tariffs.
(By Mike Peterson, KMA, Shenandoah)