President Trump on Tuesday said his administration would seek an immediate hearing from the Supreme Court in hopes of overturning an appeals court's ruling deeming most of his tariffs illegal.
Trump said the administration would appeal to the high court on Wednesday.
"It's an economic emergency," he said on CNN commentator Scott Jennings' radio show, adding, "If we don’t win that decision, you’ll see a reverberation like maybe you’ve never seen before."
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 the appeals process.
Trump claimed that stocks fell broadly on Monday because of the uncertainty around the tariffs' legality.
"The stock market's down because the stock market needs the tariffs. They want the tariffs," he said in the Oval Office.
Other members of the administration are making backup plans, however. US Treasury Secretary Scott Bessent said he is confident the Supreme Court will back Trump's use of a 1977 emergency law to impose broad tariffs, but said the administration is working on a Plan B in case it does not.
Meanwhile, Trump said he is not considering lowering tariffs on India, a week after the the US doubled duties on its imports to 50% in response to India's purchase of Russian oil.
Asked by a reporter if he might roll back some of the tariffs, Trump replied: 'No'.
In any case, 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.
Trump has amped up criticism of the trade relationship between the US and India, saying it has been heavily one-sided for decades.
"It has been a totally one sided disaster!" he posted.
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. On Tuesday, Trump suggested he wasn't considering lowering tariffs on India.
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