The U.S. Senate is considering a resolution to block President Trump's tariffs on April 30. This comes after a report of the nation's economy contracting for the first time in three years.
The resolution, introduced by Democratic Senator Ron Wyden, aims to terminate the national emergency declared by Trump. This declaration serves as the basis for 10% global tariffs on U.S. trading partners and higher reciprocal tariffs on China and the European Union.
The Commerce Department reported that the U.S. economy decreased at a 0.3% annualized rate in the first three months of 2025. This decline is attributed to a surge of imports as businesses tried to avoid higher costs from the tariffs.