On the night of April 8, as US stocks reeled and Treasuries were selling off, a group of senators put it to President Donald Trump plainly: the market was in freefall because of his tariffs and he needed to lower the temperature.

Ted Cruz said he hopes the Trump tariffs are a short-term negotiating tactic and not a permanent fixture of the economy.

In a rare note of opposition to President Donald Trump, U.S. Senator Ted Cruz has criticized what could be a "terrible outcome" from tariffs unleashed on other countries, which he argued would set the stage for a "bloodbath" during the 2026 midterms.