Congress has delegated its authority to set tariffs and negotiate trade to the president, a power that has been used by the executive branch over the years to both reduce trade barriers and impose tariffs when necessary. In recent developments, President Trump has exercised this power by implementing new tariffs.
The US Constitution originally grants Congress the authority to "lay and collect" duties and "regulate commerce with foreign nations." However, this responsibility has largely shifted to the president, allowing for more direct control over tariff imposition.
While it is generally inaccurate to attribute price changes directly to presidential actions, in this instance, President Trump's decision on tariffs effectively acts as a direct influence on pricing. The metaphorical "price change" button seems applicable here due to the tangible impact of these tariffs.
This information serves as an introduction to a more detailed opinion piece initially published in Market Watch.
