Trump responds to SCOTUS telling him he can't impose tariffs by imposing a 10% "global tariff"

[Miles Archer]

“IEEPA does not authorize the President to impose tariffs,” read the decision, written by Chief Justice John Roberts.

Trump attacked the high court in his first response Friday, particularly the justices in the majority, saying they were a "disgrace to our nation." He hinted that the administration would pursue alternative methods toward implementing its trade goals.

His first move: Imposing a 10% "global tariff" under Section 122 of the Trade Act of 1974. That statute allows the president to impose tariffs of up to 15% for up to 150 days to address trade deficits. That authority, however, has never been used to impose tariffs.

The ruling also raised the question of refunds, which could return over $100 billion to importers in the months ahead. It upholds two lower courts — including the US Court of International Trade — that previously found Trump did not have the authority to impose global tariffs using the 1977 law.

https://www.yahoo.com/finance/news/live/tariff-ruling-live-coverage-trump-attacks-supreme-court-says-hes-imposing-10-global-tariff-184403193.html

[ck4829]

1. Trump Economic Crisis - Never been used to impose tariffs because it is an emergency power for severe money problems

https://democraticunderground.com/100221035541

It's the equivalent of Trump breaking the glass and pulling a lever down on a fire alarm for our economy. Not something you would see in a "golden age" for sure.

[MichMan]

2. Didn't know that semiconductors existed in 1962

The Supreme Court's ruling on Friday leaves tariffs implemented under Section 232 of the Trade Expansion Act of 1962 — which cite national-security concerns — unchanged, keeping in place a range of import duties on products ranging from copper and semiconductors to automobiles and wood products such as cabinetry.

Section 232 tariffs include 50% levies on imports of semi-finished copper products, 25% levies on certain imported semiconductors — including Nvidia's (NVDA) H200 chips — and automobile tariffs, including 25% levies on trucks and 10% levies on buses.

https://finance.yahoo.com/news/live/tariff-ruling-live-coverage-trump-attacks-supreme-court-says-hes-imposing-10-global-tariff-184403193.html

[dpibel]

3. Have to pass a new law for each new product?

You're arguing that a law enacted in 1962 can't apply to semiconductors because those didn't exist in 1962?

That's some wild legal analysis.

[Johonny]

4. Because he is too stupid to just take the win

Plus, too lazy to actually negotiate. Worst president ever.