Representative Don Bacon, a Nebraska Republican working to curb some of President Donald Trump‘s tariff authority, said Sunday that his party’s historic support of tariffs led to the “worst depression we’ve ever had,” pointing to the economic crisis that started in 1929 and carried through the 1930s.
“We learned from that, that tariffs and protectionism does not work,” he told Margaret Brennan, host of CBS News’ Face the Nation on Sunday.
Why It Matters
Trump’s April 2 announcement of sweeping global tariffs included new tariffs on all imported goods from 180 countries as well as a list of “reciprocal duties” targeting dozens of countries in an effort to reportedly combat trade imbalances and restore America’s manufacturing industry. The president has hailed the tariffs as the country’s “declaration of economic independence.”
However, Trump’s shakeup of international trade has rattled global and domestic markets, with Wall Street tanking over the past few days, marking the worst days for the U.S. stock markets since 2020.
Economists have warned of the likelihood of a recession, while the Trump administration has not ruled out the possibility, noting the transition period will be marked with some market “disruption.” On Saturday, Trump urged Americans to “hang tough” amid market volatility and the announcement of reciprocal tariffs by other countries, including China.
What To Know
Bacon was the first GOP House member to come out against Trump’s tariffs, vocally backing bipartisan Senate legislation to rein in presidential authority over tariffs and give Congress more control over future trade duties.
Danielle Jensen, Bacon’s communications director, told Newsweek in a Sunday email that the representative is “looking forward to working on this legislation with Senator [Chuck] Grassley [an Iowa Republican] and returning the power of tariffs to Congress.”
The bipartisan bill, “Trade Review Act of 2025” comes a day after Trump’s “Liberation Day,” and states that within 48 hours after imposing or increasing a duty, the president must submit to Congress an “explanation of the reasoning for imposing or increasing the duty and an assessment of the potential impact of imposing or increasing the duty on United States businesses and consumers.”
The bill also states that any new tariffs will expire within 60 days unless Congress approves them. Both chambers can pass a “joint resolution of disapproval” to terminate the tariff before the 60-day deadline.
Bacon will be introducing a House companion bill on the matter on Monday, telling Brennan that “it will be harder to pass this in the House, no doubt,” but signaled that he has some support from chamber members.
“It’s time that Congress restores its authorities here,” Bacon said Sunday. “And the Constitution is clear. The House and the Senate, Congress, has the power of tariffs and taxes, and we gave some of that power to the executive branch and I think, in hindsight that was a mistake.”
Brennan followed up by pointing out that Trump heavily campaigned on tariffs and taking America back to the “glory days of the 1800s,” asking “did Republicans just not take him seriously?”
Bacon replied: “It was Republican’s support of tariffs in the 1800s and up through about 1930 when we passed that Smoot–Hawley Act that created the worst depression we’ve ever had. We learned from that that tariffs and protectionism does not work.”
The Smoot-Hawley Tariff Act was signed into law in 1930 and sharply raised U.S. tariffs from on over 20,000 imported goods to protect American farmers and manufacturers. U.S. imports fell by two-thirds within three years, and exports saw similar declines. It is often cited as a contributor to the economic collapse of the 1930s, though some economists disagree.
The Great Depression was the most prolonged economic downturn in U.S. history, marked by the stock market crash, high unemployment, and bank failures.
Bacon told Brennan that tariffs were not a central voting issue for Americans in last year’s presidential election, at least not in comparison to the southern border, immigration, and inflation, saying: “I don’t think tariffs was really a big factor in people’s decision making.”
Concerns over a potential recession and rising economic hardship are growing among Americans following news of the stock market reaching its lowest days in half a decade. Even prior to recent market volatility, a majority of Americans believed the country was headed for a recession within the year, according to a poll by Ipsos that was published on Wednesday.
The survey conducted between March 25-26 among 1,085 adults found that 61 percent of respondents expect the U.S. to enter a recession within the next 12 months. The poll has a margin of error of plus or minus 5.1 percentage points.
What People Are Saying
Senator Maria Cantwell, a Washington Democrat co-sponsoring the bill with Grassley, said in a statement Thursday: “This bill reasserts Congress’s role over trade policy to ensure rules-based trade policies are transparent, consistent, and benefit the American public.”
Senator Chuck Grassley, an Iowa Republican, said in a statement Thursday: “For too long, Congress has delegated its clear authority to regulate interstate and foreign commerce to the executive branch. Building on my previous efforts as Finance Committee Chairman, I’m joining Senator Cantwell to introduce the bipartisan Trade Review Act of 2025 to reassert Congress’s constitutional role and ensure Congress has a voice in trade policy.”
Senator Thom Tillis, a North Carolina Republican, about the bill to NBC News on Thursday: “I like congressional review…In trade, it’s a good example,” and clarified, “I’ll support Grassley if it gets a vote.”
President Donald Trump said in a Saturday Truth Social post: “THIS IS AN ECONOMIC REVOLUTION, AND WE WILL WIN. HANG TOUGH, it won’t be easy, but the end result will be historic. We will, MAKE AMERICA GREAT AGAIN!!!”
What Happens Next?
Cantwell spoke on the Senate floor about her co-sponsored bill on Thursday. It now heads to committee for review before it can advance to a full Senate vote.
Bacon is expected to introduce the House bill on Monday where Republicans hold a 220-213 majority in the House.
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