Kamal Ghorui
A furious Donald Trump on Friday announced that he would be signing an executive order imposing a 10% global tariff. Trump’s statement comes within hours of the US Supreme Court striking down his reciprocal tariffs and deeming them as illegal.“Today, I will sign an order to impose a 10% global tariff under Section 122, over and above our normal tariffs already being charged and we’re also initiating several Section 301 and other investigations to protect our country from unfair trading practices,” the US president said during his press conference.Following the Supreme Court’s decision to invalidate his tariff measures, Trump said his administration would pursue different avenues to restore the trade duties that had been overturned. He also said that the issue of refunds could end up in courts for years. The Supreme Court verdict is being seen as a big setback to one of his central economic initiatives.
Trump’s Reaction to SC striking Down Tariffs
Speaking at a press briefing, Trump said that alternative mechanisms would be deployed to substitute those the court had, in his view, wrongly dismissed, and suggested that these new approaches might even generate higher revenues.Trump reacted angrily to the verdict, calling it “deeply disappointing” and “ridiculous,”. Trump said he felt “absolutely ashamed” of the six justices who sided against him, accusing them of lacking the courage to act in the country’s best interests.During an afternoon press conference, he criticized the court’s majority as “fools” and “lap dogs” for what he described as RINOs — “Republicans in Name Only” — and “radical left Democrats.” He further alleged that their stance was unpatriotic and disloyal to the Constitution. Trump also indicated that he believes existing statutes may still allow him to introduce alternative tariffs.The president has repeatedly asserted – contrary to available evidence – that foreign governments would bear the cost of his tariffs and that the resulting revenue would be substantial enough to reduce the national debt and even fund dividend payments to taxpayers.However, fresh analysis linked to a major US bank showed on Thursday that tariff payments made by mid-sized American firms have tripled over the past year. These added costs have affected businesses employing a combined 48 million people nationwide — the very segment Trump had pledged to strengthen. To manage the higher tax burden, such companies have had to raise prices for consumers, cut back on hiring, or accept slimmer profit margins.According to estimates from the Congressional Budget Office, the tariffs — not all of which were invalidated — were projected to raise $3 trillion over a decade. While significant, that amount would still fall short of offsetting anticipated budget deficits.The Supreme Court has yet to provide guidance on how any potential reimbursement of tariffs might be handled.
