President Donald Trump warned against a Supreme Court ruling that could overturn his administration’s tariff policies, saying that it could prove costly for the United States.
‘Our Country Is Going To Suffer So Greatly’
Speaking to reporters at the White House on Wednesday, Trump said his administration would ask the Supreme Court to overturn a recent appeals court ruling that deemed many of his tariffs illegal, according to a Reuters report.
“If we don't win that case, our country is going to suffer so greatly, so greatly,” Trump said. He added that the tariffs were critical to trade agreements negotiated with major allies, including the European Union, Japan and South Korea in recent months.
See Also: Trade’s Biggest Threat Isn’t Tariffs--It’s Uncertainty
Trump warned that deals such as the one with the European Union, “where they’re paying us almost a trillion dollars,” would have to be unwound if the court rules against the administration.
“Our country has a chance to be unbelievably rich again. It could also be unbelievably poor again. If we don’t win that case, our country is going to suffer so greatly,” Trump said.
Critics such as Sen. Ron Wyden (D-Ore.), the top Democrat on the Senate Finance Committee, said that Trump’s remarks only created more uncertainty. “The Trump administration can't get its story straight about whether its trade deals will hold any water if the tariffs are struck down,” he said.
Trump’s Tariffs Impacting American Industry
Contrary to Trump’s claims, the tariffs have led to a slowdown in U.S. manufacturing, with the Manufacturing Purchasing Managers Index (PMI) contracting for the sixth consecutive month in August, amid soaring costs and uncertainties resulting from the same.
According to the Dallas Fed's latest Texas Manufacturing Survey, 72% of respondents reported that their business was negatively impacted by Trump’s tariffs, with only 3.7% indicating a positive impact.
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