Overview

• Senator Ted Cruz expressed concerns that President Trump's tariffs could lead to a recession and a 'bloodbath' for Republicans in the 2026 midterm elections.
• The U.S. stock market has suffered significant losses, with $6 trillion wiped out in two days, raising fears of economic instability.
• Cruz warned that the tariffs could increase inflation, destroy jobs, and harm the economy if they remain in place long-term.
• A bipartisan group of senators, including Republican Chuck Grassley, has introduced legislation requiring congressional approval for new tariffs.
• Texas, responsible for 16% of U.S. trade, is particularly vulnerable to economic downturns caused by the tariffs, according to the Federal Reserve Bank of Dallas.