Following the Supreme Court decision that his previous tariffs were illegal, Donald Trump vows to impose a new global tariff. Saying he will sign an executive order, Trump plans to enact a 10% tariff on America’s trade partners.
These new tariffs are “over and above our normal tariffs already being charged,” according to the president. He also warned that he could cut off trade with any country, if he so chooses.
The Supreme Court has ruled on President Trump’s tariffs
Additionally, Trump claimed he was “ashamed of certain members” of the Supreme Court after they ruled against him. Most likely he’s referring to the three members of the SC he rushed through approval during his first administration, thinking they’d support his policies.
“They’re very unpatriotic and disloyal to our Constitution,” he said. “Foreign countries that have been ripping us off for years are ecstatic. They’re so happy, and they’re dancing in the streets – but they won’t be dancing for long.”
Tariffs are not paid by the governments they’re imposed upon. Consumers pay an increased price due to the tariff.
Trump originally passed his tariffs using a 1977 law which was meant to be used in cases of national emergency. However, the Supreme Court ruled 6-3 that he had exceeded his authority by doing so and declared the tariffs illegal.
In the wake of the ruling, the volatile stock exchange rallied amid hopes that companies will see refunds that will boost earnings. Though Trump appointee Justice Brett Kavanaugh loyally dissented against the ruling, he warned that the potential process of refunding billions of dollars would “likely be a mess.” In fact, the Court has not even ruled on the distribution of any refunds.
TELL US – WERE YOU SURPRISED THAT THE SUPREME COURT RULED AGAINST TRUMP’S TARIFFS?
