Trump threatens countries to abide by tariff deals despite SC decision
Trump said he wants a global tariff of 15 per cent, up from 10 per cent he had announced immediately after the ruling
US President Donald Trump on Monday (February 23) threatened countries around the world to abide by any tariff deals they agreed to, despite the American Supreme Court ruling that struck down many of his far-reaching taxes on imports. He termed the Supreme Court decision as "ridiculous".
He said he wants a global tariff of 15 per cent, up from 10 per cent he had announced immediately after the ruling.
Also read: Most Americans dismayed by Trump’s handling of economy, tariffs: Poll
The court's Friday decision struck down tariffs Trump had imposed on nearly every country using an emergency powers law. But the Republican president won't let go of his favourite tool for rewriting the rules of global commerce and applying international pressure.
“Any Country that wants to “play games” with the ridiculous supreme court decision, especially those that have “Ripped Off” the U.S.A. for years, and even decades, will be met with a much higher Tariff, and worse, than that which they just recently agreed to. BUYER BEWARE!!! Thank you for your attention to this matter. (sic),” Trump posted on Monday on Truth Social.
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One of Trump's executive orders says he can bypass Congress and impose a 10 per cent tax on imports from around the world starting Tuesday, the same day as his State of the Union speech.
In another post, Trump said, "As President, I do not have to go back to Congress to get approval of Tariffs. It has already been gotten, in many forms, a long time ago! They were also just reaffirmed by the ridiculous and poorly crafted supreme court decision! (sic)."
Trump threatens 'terrible' things to foreign countries
Further, Trump said he would use licenses to do absolutely “terrible” things to foreign countries.
“The supreme court (will be using lower case letters for a while based on a complete lack of respect!) of the United States accidentally and unwittingly gave me, as President of the United States, far more powers and strength than I had prior to their ridiculous, dumb, and very internationally divisive ruling. For one thing, I can use Licenses to do absolutely “terrible” things to foreign countries, especially those countries that have been RIPPING US OFF for many decades, but incomprehensibly, according to the ruling, can’t charge them a License fee - BUT ALL LICENSES CHARGE FEES, why can’t the United States do so? You do a license to get a fee! (sic),” he wrote.
“The opinion doesn’t explain that, but I know the answer! The court has also approved all other Tariffs, of which there are many, and they can all be used in a much more powerful and obnoxious way, with legal certainty, than the Tariffs as initially used. Our incompetent supreme court did a great job for the wrong people, and for that they should be ashamed of themselves (but not the Great Three!),” he added.
US stocks drop
Meanwhile, US stocks are falling on Monday after Trump took little time to ramp up his newest tariffs, and as investors continue to punish companies that could be losers in the artificial-intelligence revolution.
The S&P 500 sank 0.8 per cent after Trump said on Saturday that he would place temporary 15 per cent tariffs on other countries. That's up from the 10 per cent rate he had announced Friday in response to a Supreme Court ruling that struck down his sweeping “reciprocal” taxes on imports from around the world.
The Dow Jones Industrial Average was down 659 points, or 1.3 per cent, as of 1:25 pm. Eastern time, and the Nasdaq composite was 0.9 per cent lower.
(With inputs from AP)