
Don Bacon on Trump Tariffs Power: 'Constitution Is Clear'
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources.
Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content.
U.S. House Rep. Don Bacon (R-NE) pointed to the Constitution for the answer on the question of President Donald Trump's power to impose tariffs: He doesn't.
Trump is facing a battle in the courts over his use of national emergency powers to implement many of his tariffs on American trading partners across the world.
A federal trade court ruled he did not, but an appeals court has allowed the tariffs to remain in place temporarily as the issue works through the legal process.
"Article One Section Eight gives Congress the power over taxes and tariffs. The Constitution is clear," Bacon, a rare Republican critic of Trump, posted to X.
Another X user replied to say the 1934 Reciprocal Tariff Act delegated that power to the president when there is a national emergency.
Trump had declared an emergency over trade imbalances, saying they threatened national security and the domestic economy, so he could impose the tariffs.
"Courts just ruled on your emergency. It doesn't convince folks," Bacon replied.
The White House has accused "unelected judges" of treading on Trump's presidential powers and democratic mandate.
This is a developing article. Updates to follow.
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
11 minutes ago
- Yahoo
‘You are going to panic,' Jamie Dimon tells regulators about what will happen when the bond market cracks
Jamie Dimon, JPMorgan Chase & Co.'s longstanding chief executive, fired off a warning about the bond market on Friday, telling regulators they will 'panic' when it happens. 'You are going to see a crack in the bond market — OK,' Dimon said, speaking at an event organized by the Ronald Reagan Presidential Foundation. 'It is going to happen.' 'You never know what might happen': How do I make sure my son-in-law doesn't get his hands on my daughter's inheritance? Five emerging pillars of stock-market support that should keep investors from rushing the exits My ex-wife said she should have been compensated for working part time during our marriage. Do I owe her? My daughter's boyfriend, a guest in my home, offered to powerwash part of my house — then demanded money S&P 500 scores best May since 1990, but stocks end month with fresh tariff worries 'And I tell this to my regulators — some of who are in this room — I'm telling you this is going to happen. And you are going to panic.' Dimon has been a frequent critic of banking regulations, pointing to 'deep flaws' in the rules in the wake of extreme tumult in the bond market in April. He has singled out proposed changes to banks' supplementary leverage ratio as likely to aid the roughly $29 trillion Treasury market. A sharp bond selloff in April has kept investors on edge and rattled White House officials. President Donald Trump, during peak tumult, said that bond investors were getting 'yippy.' Trump then paused some of his most aggressive tariffs, and stocks rallied powerfully in May. Some investors have been buying the dip on the view that Trump would threaten but not apply those higher levies. That has helped the S&P 500 index SPX get back to nearly where it started the year. Treasury prices, however, remain under pressure, which has driven up yields. Longer-duration 10-year BX:TMUBMUSD10Y and 30-year BX:TMUBMUSD30Y yields were at 4.418% and 4.931%, respectively, on Friday, up about 25 basis points in May, their biggest monthly yield jumps this year, according to Dow Jones Market Data. 'I don't hold the same view as Jamie,' said Tom di Galoma, managing director at Mischler Financial Group, when asked about Dimon's bond-market warning. 'I though the bond market was broken back in April,' di Galoma said, adding that successful Treasury auctions over the past week, including a closely watched 7-year auction, helped reinforce calm in the sector. The Federal Reserve and Treasury also have tools to use if needed, he said, to help manage points of friction and stress in the sector. Treasury Secretary Scott Bessent has been vocal about wanting to see lower 10-year Treasury yields, which could help unthaw the housing market and ease credit conditions. To that end, Bessent said work was being done with U.S. banking regulators on potential changes to the supplementary leverage ratio, and he noted that results could come as soon as this summer. Read: Treasury Secretary Bessent has a plan to bring down long-term yields. But will it work? The Fed purchased trillions of dollars in Treasurys during the 2007-08 global financial crisis and again in 2020, at the start of the pandemic, to reopen credit markets and keep them functioning. The Treasury Department lately has also been repurchasing certain Treasurys that trade less frequently to aid market liquidity. However, bond investors remain anxious that the GOP's massive tax and spending bill could add to the U.S. deficit, which could require more Treasury issuance and keep rates elevated. Trump's chaotic approach to tariffs, with U.S. courts now also in the mix, has also raised concerns about foreigners potentially selling — or simply allocating less to — U.S. assets, including the dollar DXY, stocks and Treasurys. Those fears were evident last week after a weak 20-year Treasury auction spooked investors and stocks dropped. 'I'm not going to panic,' Dimon said Friday, as part of his warning of trouble ahead for the bond market. 'We'll be fine.' JPMorgan shares JPM fell 0.1% Friday but were 10.1% higher on the year so far. The S&P 500 finished the session up 0.5% so far in 2025, while the Dow was 0.6% lower and the Nasdaq Composite was off 1%, according to FactSet. It's my dream to travel to Africa. My husband says it's not on his bucket list. Do I pay for him or go alone? This chart shows why investors should be worried about the latest bond-market selloff My friend is getting divorced. Her husband kindly said, 'Take the house.' Is there a catch? 'What we found horrified us': My elderly relative mistook charity envelopes for overdue bills — and gave thousands to other family members Bond 'vigilantes' are sending warnings globally. What does that mean for your portfolio?
Yahoo
14 minutes ago
- Yahoo
Top Banker Calls BS On Trump's Claim He'll Make China Fold
The head of America's largest bank has ridiculed President Donald Trump's negotiating tactics with China, saying the country is not likely to bow to U.S. pressure. 'I just got back from China last week. They're not scared, folks,' Dimon told a crowd of politicians, executives, and economists at the Reagan National Economic Forum in California on Friday, Axios reports. 'I would engage with China.' Trump has been battling a trade war with the Asian giant in recent months, imposing tariffs of up to 145 percent on Chinese goods imported into the U.S. market. However, a 'fast deal' was struck with the country earlier this month, which reduced China's retaliatory tariffs from 125 percent to 10 percent while U.S. tariffs were lowered to 30 percent. The deal is scheduled to last just 90 days while the two sides attempt to work out their differences. 'This notion they're going to come bow to America, I wouldn't count on that,' Dimon continued. 'When they have a problem they put 100,000 engineers on it. They've been preparing for this for years.' Treasury Secretary Scott Bessent has been insistent that China needs the U.S. far more than America needs China, and has no choice but to return to the negotiating table. However, Chinese President Xi Jinping has been less than enthusiastic about capitulating to America's demands, suggesting he is happy to call Trump's bluff. 'I believe that it's up to China to de-escalate, because they sell five times more to us than we sell to them. And so these 120 percent, 145 percent tariffs are unsustainable,' Bessent told CNBC in April. American-Chinese trade was worth an estimated $582.4 billion in 2024, with the U.S. importing $438.9 billion from the country while sending $143.5 billion in the opposite direction. This has resulted in a $295 billion trade deficit with America's third largest trading partner, the largest of any nation. While that deficit is at its lowest since 2009, Trump has repeatedly made calls to get it down further. 'China, perhaps not surprisingly to some, HAS TOTALLY VIOLATED ITS AGREEMENT WITH US. So much for being Mr. NICE GUY!' Trump wrote on Truth Social on Friday. The outburst over alleged Chinese violations of the deal to mutually roll back tariffs and restrictions on critical minerals suggests the easing of tensions in the trade war is deteriorating. China has been working for years to reduce its reliance on the U.S., increasing exports to Europe, Oceania, and other major markets. Its positioning, and the current trend of U.S. leadership, has financial experts like Dimon concerned. 'What I really worry about is us. Can we get our own act together—our own values, our own capability, our own management,' the CEO stated, arguing that America is usually 'normalcy resilient' but that the current situation is unprecedented. 'We have to get our act together,' Dimon said. 'We have to do it very quickly.' Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
14 minutes ago
- Yahoo
‘Snowflake' Trump Mercilessly Mocked As His Newest Legal Claim Backfires Spectacularly
President Donald Trump's critics are seizing on two words in his latest legal filing: 'mental anguish.' The president is suing CBS News over a '60 Minutes' interview last year with then-Vice President Kamala Harris. Trump claims the network made 'deceptive' edits and accused it of 'voter interference.' In new court documents filed this week, Trump's attorneys claimed the interview 'led to widespread confusion and mental anguish of consumers, including plaintiffs.' Trump and Rep. Ronny Jackson (R-Texas) are the only plaintiffs listed in the filing. Trump reportedly turned down a $15 million settlement offer from Paramount Global, which owns CBS News. He is seeking $20 billion. Trump's critics mocked the president for claiming he suffered 'mental anguish' from watching a TV show: Snowflake. — The Lincoln Project (@ProjectLincoln) May 29, 2025 America suffers mental anguish every day it sees Trump on TV. — Ed Markey (@EdMarkey) May 30, 2025 Can I sue because Trump causes me mental anguish every day? — David Doney (@David_Charts) May 30, 2025 He is so soft. — ThisBoomerHitsDifferent (@BoomerHitsDiff) May 30, 2025 Any "alpha males" want to chime in here?The "libtards are snowflakes" people?The "fuck your feelings" crowd?Anybody? No? — The Dens 🇺🇲🇺🇦 (@FoxBrambleFarm) May 30, 2025 Donald Trump suffered 'mental anguish' from CBS News' editing of a '60 Minutes' interview with Democratic opponent Kamala Harris last fall, his lawyers are arguing in court papers-APWhat a snowflake — Republicans against Trump (@RpsAgainstTrump) May 29, 2025 Ah….poor whiny baby TACO @POTUS suffers from mental anguish cause he's a psycho right wing lunatic — Some Velvet Blog (@somevelvetblog) May 30, 2025 These are the things that give Trump mental anguish. But he has no problem cutting USAID, which means babies around the world will starve. — Yankees101 (@SmartOne8927) May 30, 2025 Trump's 'mental anguish' — The Right Is Wrong (@therightiswron6) May 29, 2025 Wow, snowflake doesn't come close to describing Deranged Despot Donnie #TACOTrump. Strongman? Mob boss wannabe? HA. @POTUS@realDonaldTrump#TrumpIsUnfitForOfficehttps:// — Paul Rolfes (@prolfes) May 29, 2025 If he is that delicate — Diane Schulz (@dihicobra) May 30, 2025 A soft shell taco — Tamara McMillan (@wafflemum) May 29, 2025 Big baby — Jon MAGA is a CULT (@howsthat1959) May 30, 2025 Lawrence O'Donnell Makes Bold Prediction For 'Irreversibly Stupid' Trump's Next Big Loss 'How Does It Feel?': Jimmy Kimmel Gives Trump A Taste Of His Own Bitter Medicine House Republican Wants Americans To Get Aboard This Bizarre Trump Idea