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Ted Cruz warns that Republicans risk losing the midterm elections if tariffs announced by Donald Trump cause a recession.
The Texas senator's comments are another sign of Republican concern about "reciprocal tariffs" and the stock market crash.
Cruz also warned that the tariffs announced by the President, if they remain in place for too long and the US faces global retaliation against American goods, could trigger a full-scale trade war that would "destroy jobs and do real damage to the American economy."
"A hundred years ago, the American economy did not have the power to have the impact that we have now. But I worry that there are voices within the administration that want to see these tariffs continue forever," he said.
Cruz's comments, made on his Verdict podcast, were another sign that the imposition of "reciprocal" global tariffs on imported goods is causing concern among Republicans.
Republican U.S. Senator Chuck Grassley of Iowa introduced bipartisan legislation Thursday to give Congress more power over imposing tariffs on trading partners. The bill, co-authored by Democratic Senator Maria Cantwell, would "reaffirm" Congress' role in setting and passing trade policy.
Republican senators Lisa Murkowski, Mitch McConnell, Jerry Moran and Thom Tillis have since signed on as co-sponsors. Although the legislation is largely considered symbolic, it telegraphs anxiety over the loss of $5.4 trillion in stock market capitalization over two days and signs of an electoral backlash to Trump administration policies in the form of a defeat at the ballot box by a Wisconsin Supreme Court nominee backed by Trump's billionaire business adviser, Elon Musk.
In two Florida congressional races, Republican winners also fared poorly.
On his podcast, Cruz warned that tariffs and trade retaliation could in the long term push the US into "a recession, especially a bad recession - 2026 would in all likelihood politically be a loss."
"You're going to face a Democratic House and you might even face a Democratic Senate," Cruz said.
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