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.
Trump said he would invoke Section 122 of the 1974 Trade Act, which allows the president to impose temporary import restrictions for up to six months.
Trump said, regarding the results obtained from the tariffs, “We will continue in the same way.” Arguing that he did not need congressional approval for additional measures, Trump stated, “I don’t need to ask Congress about the tariffs. It’s already approved.”
It also announced it would launch new investigations under Section 301 to protect the United States.
Trump said the Supreme Court “should have announced its decision much earlier” and argued that the decision removed all uncertainty. “Now there is certainty,” Trump said, claiming that the US would become even stronger as a result of this ruling.
On the other hand, Trump claimed that foreign interests had “too much influence” on the Supreme Court.
Stating that he will maintain the current tariff policy, Trump threatened to impose new tariffs on the automobile sector that could range from 15% to 30%.
Trump said the 10% global tariffs would be in effect for approximately five months. Responding to a question about whether the US would have to repay the tariff revenues it collected, Trump stated that this “needs to be clarified in the judicial process.”
Pointing to a lengthy legal process regarding tariff refunds, Trump said, “We could be in court for the next five years.” The statement signaled that a comprehensive legal battle could begin over the return of revenue generated from tariffs.
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*This is not investment advice.
