Sen. Elizabeth Warren and Wall Street banks appear to have something in common: They both want President Trump’s tariff chaos to end.
“This is the dumbest trade war in history, and this is a potential recession,” Warren said in an interview on Catalysts (see video above). “This is one person creating enough chaos that it may bring down not just the American economy but the worldwide economy.”
Warren is working alongside other lawmakers, including her Republican counterparts on Capitol Hill, to reinstate congressional authority on tariff policy.
Although the Constitution broadly grants Congress the authority to levy tariffs, lawmakers have delegated much of that power to the president in a series of bills dating back decades. And the road ahead for Congress to claw back that power remains uncertain.
Warren supports one effort put forward by lawmakers last week, a bipartisan Senate bill called the “Trade Review Act of 2025” that would limit the president’s power to impose tariffs unless Congress approves them within 60 days.
President Trump has already threatened to veto the Trade Review Act if it passes both chambers, so the bill will need to get 67 votes — the number required to override a veto.
“Congress has power and … Congress can roll these tariffs back and steady this economy out,” Warren said. “But it’s going to take Republican support to make that happen. The laws are in place. We just need to vote to make that happen.”
Meanwhile, on Tuesday, US Trade Representative Jamieson Greer faced questions from skeptical lawmakers on Capitol Hill about the goals and impact of these tariffs.
During the hearing, Greer said he does not trust economists’ predictions that tariffs will raise inflation because inflation didn’t spike during Trump’s first term, which may give insight into Trump’s dogged focus on the levies despite economic evidence pointing to their inflationary effects.
Read more: What Trump’s tariffs mean for the economy and your wallet
It’s not just lawmakers growing concerned about the US’s overall tariff rate. Wall Street CEOs have begun weighing in on the tariff turmoil as well.
“The quicker this issue is resolved, the better because some of the negative effects increase cumulatively over time and would be hard to reverse,” JPMorgan CEO Jamie Dimon wrote in a 59-page shareholder letter, as Yahoo Finance’s David Hollerith reported.
The US economy is “weakening as we speak,” Larry Fink, CEO of BlackRock, the world’s largest asset manager, said to the Economic Club of New York on Monday. “Most CEOs I talk to would say we are probably in a recession right now,” said Larry Fink, CEO of BlackRock, the world’s largest asset manager.
