The President of the United States, Donald Trump, said he would sign new tariffs still this Friday (the 20th), after stating that he was embarrassed by the decision made by the U.S. Supreme Court regarding the previous tariffs. Trump said a new global tariff of 10% would be imposed, in addition to other tariffs.
According to the president, all National Security tariffs under Section 301 remain in effect and that, for new impositions, there is no need to consult Congress. “We have options and we will use them,” he said. “By the decision, I can destroy any country, I can do whatever I want, I can impose an embargo, but I cannot collect a dollar,” he said, criticizing the decision.
“I am embarrassed that members of the Supreme Court did not have the courage to do what is right for our country,” he said. Regarding possible refunds to companies, which is speculated to be around US$ 175 billion, Trump said that the government will stay in court for years until this is resolved.
Take Advantage of the Stock Market Rise!
Trump said that his order would be issued under Section 122 of the Trade Act of 1974 and that the tariffs would be in addition to those already in effect.
The statute allows the president to impose tariffs of up to 15% for up to 150 days on any country — or all of them — in relation to balance-of-payments issues deemed “grave and important.” The rule does not require investigations nor impose other procedural limits.
The Supreme Court declared illegal his broad global tariffs imposed under the International Emergency Economic Powers Act, ruling that he had overstepped his authority in relying on that law.
For the president, the Democrats are now “dancing in the streets, but they will not dance for long.”
“The tariffs were used to end five of the eight wars I have already resolved, including the India-Pakistan issue,” he said. Trump stated that the tariffs brought security to the country, including reducing the entry of immigrants who “poison our youth.”
(with Reuters)
