US Treasury Secretary Scott Bessent said Monday he is confident the Supreme Court will back President Trump's use of a 1977 emergency law to impose broad tariffs, but noted the administration has a backup plan if it doesn't.
Bessent told Reuters he is preparing a legal brief for the solicitor general that stresses the need to tackle long-standing trade imbalances and curb fentanyl entering the US.
A federal appeals court ruled Friday that most of Trump's global tariffs were illegal, reaffirming an earlier ruling by the Court of International Trade and saying he exceeded his authority in using emergency powers to impose them. The judges, however, allowed the tariffs to remain in place while the case moves through an appeals process.
Trump responded to the decision on Truth Social, saying, "ALL TARIFFS ARE STILL IN EFFECT!" He also called the court "Highly Partisan" and claimed that "with the help of the United States Supreme Court, we will use [tariffs] to benefit our nation."
It means the "reciprocal" tariffs Trump unveiled on dozens of US trade partners (which you can see in the graphic below) now face a fresh bout of legal limbo.
"In other words, they sell us massive amounts of goods, their biggest 'client,' but we sell them very little - Until now a totally one sided relationship, and it has been for many decades," Trump posted.
"It has been a totally one sided disaster!" he added.
Trump's comments came as India Prime Minister Narendra Modi has embarked on bids to strengthen ties with China and Russia as relations with the US have deteriorated.
Elsewhere, Brazil's President Lula authorized retaliation against Trump's 50% US tariffs but says he still wants to negotiate, while Mexico plans to put higher tariffs on Chinese goods in its 2026 budget to shield local industry amid US pressure over cheap Chinese goods entering Mexico before heading north.
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.