WASHINGTON: US President Donald Trump has warned that lifting the tariffs he previously imposed could cost the country more than $3 trill...
WASHINGTON: US President Donald Trump has warned that lifting the tariffs he previously imposed could cost the country more than $3 trillion in losses.
"The US Supreme Court was given the wrong numbers. The 'unwind' in the event of a negative decision on tariffs, would be, including investments made, to be made, and return of funds, in excess of 3 trillion dollars. It would not be possible to ever make up for that kind of a 'drubbing'. That would truly become an insurmountable national security event, and devastating to the future of our country," Trump wrote on his Truth Social page.
Following the first hearing of the tariff case at the US Supreme Court on November 5, The Washington Post reported that some justices expressed doubts about the tariffs’ legality. The case was launched after a group of business representatives filed a lawsuit against the US government, claiming the tariffs were illegal, harming their companies. On August 29, the District of Columbia Circuit Court of Appeals ruled that Trump lacked the authority to impose many of the tariffs he announced. On September 4, the Trump administration asked the Supreme Court to overturn the ruling.
On April 2, Trump announced the introduction of tariffs on products from 185 countries and territories. The American leader later adjusted the tariff rates for a number of countries.
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