US President Donald Trump issued a statement after the US Supreme Court overturned the tariffs.
Here are the details of President Trump’s statement:
- Donald Trump: “Foreign countries that exploit America are celebrating now.”
- Foreigners are dancing in the streets, but this doesn’t last long.
President Trump called some judges “ashamed” and claimed the court was “influenced by foreign interests.” “Foreign countries are very happy now, but they are not dancing for long,” he added, defending his “modest” demands for other countries.
President Trump said there are stronger ways to impose tariffs than IEEPA. The International Emergency Economic Powers Act (IEEPA) is a federal law passed in 1977 that gives the president broad economic enforcement powers when declaring a national emergency.
President Trump said he doesn’t have the authority to impose tariffs, but he does have the authority to cut off all trade with a country and impose an embargo. “I can do whatever I want, but I can’t collect the money,” he said. He suggested that despite existing court rulings, “other alternatives” would be considered regarding tariffs.
President Trump said tariffs could generate more revenue for the United States and argued that these policies would strengthen the country’s security.
President Trump also claimed that the tariffs “ended eight wars.”
President Trump said Sections 232, 122, 201, and 301 are all options. These regulations allow the United States to impose additional tariffs on grounds such as national security, unfair trade practices, or a sudden increase in imports.
But Trump added that these methods require “a slightly longer process.”
In response to the decision, President Trump cited the Trade Expansion Act and the Trade Act of 1974, arguing that those legal frameworks gave him more room to act. President Trump argued that the Supreme Court’s decision “strengthened” rather than weakened tariff authority, and argued that the United States would increase tariff revenue.
President Trump announced a 10% tariff on all products worldwide. He said the 10% tariff would be in addition to other tariffs already in effect.
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*This is not investment advice.
