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US President Donald Trump is making a statement after the Supreme Court in the US overturned the tariffs.
Here are the details of Trump’s statement:
- Donald Trump: “Foreign countries that exploit the United States are celebrating right now.”
- Foreign countries are dancing in the streets, but this won’t last long.
Trump said he was “ashamed” of some judges and claimed the court was “influenced by foreign interests.” He added, “Foreign countries are very happy right now, but they won’t be dancing for long,” while defending his “modest” demands on other countries.
Trump stated that there are stronger methods than the IEEPA for imposing tariffs. The International Emergency Economic Powers Act (IEEPA) is a federal law passed in 1977 that grants the President broad economic enforcement powers when declaring a national emergency.
Trump argued that while he doesn’t have the authority to impose tariffs, he does have the power to cut off all trade with a country and impose an embargo, saying, “I could do anything I wanted, but I can’t collect the money.” He indicated that despite existing court rulings, “other alternatives” would be considered regarding tariffs.
Trump stated that tariffs could generate more revenue for the US and argued that these policies strengthened the country’s national security.
Trump also claimed that he “ended eight wars” thanks to tariffs.
Trump stated that Sections 232, 122, 201, and 301 were all among the options. These regulations allow the U.S. to impose additional tariffs on grounds such as national security, unfair trade practices, or sudden increases in imports.
However, Trump added that these methods would require “a slightly longer process.”
Following the decision, Trump cited the Trade Expansion Act and the 1974 Trade Act, arguing that these legal frameworks gave him a stronger scope for action. Claiming that the Supreme Court’s decision did not weaken his tariff authority but rather “strengthened it,” Trump asserted that the US would see an increase in tariff revenue.
Trump announced a 10% global tariff on all goods. He stated that this 10% tariff would be added on top of other tariffs already in effect.
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*This is not investment advice.