President Donald Trump has vowed to impose new “obnoxious” tariffs after the Supreme Court overturned his signature economic policy, teasing more measures and different tools that he can use. The move comes as a response to the court’s decision, which Trump claims has given him more powers and strength than he had prior to the ruling.
President Donald Trump has threatened to impose new tariffs after the Supreme Court overturned his signature economic policy, teasing more measures and different tools that he can use. The Supreme Court ruled that Congress hadn’t granted Trump the authority to impose tariffs on countries worldwide under the 1977 International Emergency Economic Powers Act. However, Trump immediately imposed 15% global temporary tariffs under the 1974 Trade Act.
The European Union is poised to freeze the ratification process of its trade deal with the U.S., which was negotiated under the threat of the emergency tariffs that were overturned. Zeljana Zovko, the lead trade negotiator in the European People’s Party group on the U.S. deal, told Bloomberg the EU has “no other option” but to delay the approval process to seek clarity on the situation.
Doubts about the future of trade prompted the prices of soybeans, wheat, and corn to fall on the Chicago Board of Trade on Feb. 23. Trump argued he still wielded plenty of firepower over trade, stating that he could impose licenses that do “terrible” things to foreign countries, especially those countries “that have been RIPPING US OFF for many decades.”
Trump outlined his options, as he had in his initial news conference after the decision, to impose different limits on imports as a way to generate money for the government, persuade companies to relocate manufacturing to the United States, and pressure countries to change their policies. The 15% temporary tariffs will expire after 150 days unless Congress extends them. Trump could also eventually impose tariffs under other statutes requiring inquiries by the Commerce Department or the U.S. Trade Representative.
According to Reuters, the Supreme Court’s decision noted the emergency statute allows Trump to license imports, which would limit or block them entirely. Trump said he could impose licenses that do “terrible” things to foreign countries, especially those countries “that have been RIPPING US OFF for many decades.”
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