We think of today’s Washington as being rigidly divided along party lines on nearly every issue. But a bloc of Democrats in the Senate just joined with Republicans and the Trump administration on a bill that would lighten some restrictions on banks imposed by the Dodd-Frank financial regulation law, one of President Obama’s signature policy achievements. Meanwhile, some congressional Republicans are considering legislation that would stop President Trump’s new tariffs on steel and aluminum imports, which several Democrats and labor leaders have publicly supported.
Republicans are in revolt. Economists on the left and right are deeply skeptical. President Trump’s top economic adviser resigned rather than be party to it. The culprit: tariffs, and specifically the president’s decision to slap duties on imported steel (25 percent) and aluminum (10 percent).