Donald IS STILL Pissed…..
And Determined to drive his Tariif and Import Taxes INTO a Hole….
Trying to desperatly claw back his ego, power and the money he thinks he can get from taxing Americans and Businesses FOR imports ……
Huh?
Raises another Tariff/Import Tax from 10% to 15%….
President Trump announced on Saturday that he would raise his new, global tariff to 15 percent, a day after he took steps to replicate some of the punishing duties that had been struck down by the Supreme Court.
Mr. Trump announced the change in a post on social media, and said the policy would take effect immediately, as he signaled that he would press ahead with his trade war despite a major legal setback.
For some countries, Mr. Trump’s new 15 percent tariff may actually be higher than the rates that previously applied to their exports to the United States. Those tariffs were invalidated on Friday, after a majority of the court’s justices found that the president did not have the authority to issue them using a set of emergency powers.
Mr. Trump previously set his replacement global rate at 10 percent, using a provision in a law — never before invoked by a president — that allows him to impose an across-the-board tariff for 150 days unless Congress agrees to extend it. The statute caps the rate at 15 percent, though Mr. Trump has signaled he plans to use other trade provisions to continue raising taxes on imports….
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Billions in expected tariff revenues affected by Supreme Court decision
The Supreme Court’s ruling against President Donald Trump’s worldwide tariffs threw a monkey wrench into budget projections that assumed a hefty spike in tariff revenue to help reduce federal deficits. But at least in the short term, a replacement tariff regime may keep that bucket from leaking too much.
The high court on Friday ruled that the president exceeded his authority under the International Emergency Economic Powers Act of 1977, which gives him the power to impose tariffs under certain conditions in national emergencies or foreign conflicts. Trump had relied on that law to impose tariffs on Canada, Mexico and China, as well as “Liberation Day” tariffs worldwide.
The 6-3 decision upended that regime and put much of Trump’s initiative in doubt, though the president vowed to turn to other laws to replace the tariffs that were struck down. Trump said the new regime would begin with a global 10 percent tariff, under Section 122 of the Trade Act of 1974, that he planned to impose later on Friday.
“The Supreme Court did not overrule tariffs. They merely overruled a particular use of IEEPA tariffs,” Trump said at a Friday news conference. “But that’s OK, because we have other ways, numerous other ways … a president can actually charge more tariffs than I was charging in the past.”
The ruling came a week after the Congressional Budget Office forecasted that higher tariffs — much of which were imposed under the IEEPA law — would reduce federal deficits by nearly $3 trillion over 10 years…
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Some Republicans ARE quietly Happy with the Supreme’s Trump slap down….
The Supreme Court’s ruling that struck down the sweeping global tariffs at the heart of President Trump’s economic policies has produced enormous cracks in the GOP’s outward show of party unity.
After spending the past year rallying behind Trump on virtually every facet of his second-term agenda, Republican lawmakers spanning the ideological spectrum are publicly praising the decision as a victory for free trade, the separation of powers, or both.
“In defense of our Republic, the Supreme Court struck down using emergency powers to enact taxes,” Sen. Rand Paul, a libertarian-minded Kentucky Republican who has long opposed Trump’s tariffs, posted on X.
“This ruling will also prevent a future President such as AOC from using emergency powers to enact socialism,” he added, referring to Rep. Alexandria Ocasio-Cortez (N.Y.), a liberal Democrat who has not ruled out a run at the presidency at some point in the future.
Sen. Mitch McConnell (R-Ky.), the former Republican leader, piled on, saying the ruling simply affirmed that Congress’s constitutional authority to dictate trade policy “is not an inconvenience to avoid.” ….
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The Supreme Court ruling, however, has given some of those same Republicans the opportunity to praise the conservative-heavy court for striking down the tariffs, as a matter of constitutional law, without attacking Trump’s policies directly.
“Today’s ruling affirms, despite all the noise of the moment, that the Founders’ system of checks and balances remains strong nearly 250 years later,” Sen. John Curtis (R-Utah) posted on X.
“While we all pause to understand the full implications of the Supreme Court’s decision, we must respect the rule of law,” echoed Rep. Mike Flood (R-Neb.), the chair of the Republican Main Street Caucus….
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“American families and American businesses pay American tariffs — not foreign countries,” said Mike Pence, a free-trade advocate who served as vice president in Trump’s first term….
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