① Democratic Senator Elizabeth Warren from the United States is concerned that the tariff negotiations of the Trump administration will only be Bullish for large Technology companies, while harming the interests of American consumers and workers; ② She stated that large Technology companies have long tried to use trade negotiations to undermine policies that benefit consumers and promote competition.
According to a report by Caixin Finance on May 29 (Editor: Huang Junzhi), senior Democratic Senator Elizabeth Warren stated on Wednesday that she is worried that the tariff negotiations of the Trump administration will come at the expense of American consumers and workers, ultimately only benefiting large Technology companies.
Warren expressed the above views in a letter to U.S. Secretary of Commerce Howard Lutnick, Trade Representative Jamieson Greer, and Treasury Secretary Scott Bessent.
She stated that large Technology companies have long tried to use trade negotiations to undermine policies that benefit consumers and promote competition. She requested details of officials' interactions with executives from the Technology Industry.
For many years, Warren has advocated for increased regulation of large Technology companies. She believes that President Trump has taken a Bullish stance towards the Technology Industry, targeting regulatory restrictions from foreign governments and digital services taxes, which are aimed at taxing from $Meta Platforms (META.US)$ 、 $Apple (AAPL.US)$ From Alphabet's subsidiaries, $Alphabet-C (GOOG.US)$ 、 $Amazon (AMZN.US)$ and other American Technology companies where revenue is obtained.
In February of this year, Trump ordered the restart of an investigation into tariff retaliation against digital services taxes, including the EU's Digital Services Act and Digital Markets Act, as well as South Korea's restrictions on cross-border data flows. Warren expressed her serious concerns about this in her letter.
“Given the huge contributions from the (Technology) industry, attendance at Trump's inauguration, and successful lobbying for temporary tariff exemptions, I am very concerned that the renegotiated trade agreements will be used to advance the anti-consumer agenda of large Technology companies, while providing no help in promoting American manufacturing or assisting American workers,” she wrote.
This is not the first time Warren has criticized Trump's tariff policy. Last month, she criticized that Trump does not have any tariff policy or plan to implement one. She said, “What tariff policy? There's chaos and corruption everywhere.”
Warren angrily stated, "Donald Trump and Republicans are like they took a bucket of five gallons of paint, threw it into the entire economy, and then said, 'Okay, this will solve all problems.' They are trying to impose tariffs on every country, on almost all products exported to the United States, and they are trying to do it all at once, without any policy to speak of."
She emphasized that the turmoil and uncertainty in trade will prevent businesses from investing in the United States: "What we are seeing now is chaos, and when Donald Trump flips the switch on tariffs from red to green, investors will not invest in the United States."
Since Trump took office, this "tariff farce" has not ceased. However, a recent ruling by the U.S. International Trade Court may change the situation. The court ruled on Wednesday that Trump does not have the authority to impose a blanket set of tariffs on nearly all countries, meaning that his so-called "liberation day tariffs" are legally invalid.
The International Trade Court noted that the U.S. Constitution grants Congress the exclusive power to regulate trade with other countries, and the emergency powers claimed by the president to protect the U.S. economy do not supersede these powers. Although the Trump administration can still appeal, this is undoubtedly a huge blow to much of its trade agenda.
Editor/rice
