US Senate bill to rein in tariffs doesn’t have future, top Republican says

WASHINGTON (Reuters) -A bipartisan bill in the U.S. Senate to require congressional approval for new tariffs has no future, the chamber’s top Republican John Thune told reporters on Monday.

The measure was introduced last week by Democrat Maria Cantwell of Washington and Republican Chuck Grassley of Iowa, after President Donald Trump announced sweeping new tariffs on imported goods that have sparked Wall Street’s worst sell-off in years.

“I don’t think that has a future,” Thune, of South Dakota, told reporters who asked him about the bill. “The president has indicated he would veto it. I don’t see how they get it on the floor in the House. We are going to wait and see what is going to happen next.”

Seven Republican senators including Grassley have signed on as co-sponsors of the bill.

(Reporting by Bo Erickson; Editing by Scott Malone)