US President Donald Trump on Monday, November 24, claimed that the full benefits of tariffs touching “hundreds of billions of dollars” are yet to trickle in while the Supreme Court weighs whether the president has legal powers to impose sweeping tariffs at all.
“Despite the massive amount of money being made by the United States of America, Hundreds of Billions of Dollars, as a direct result of Tariffs being charged to other countries, the full benefit of the Tariffs has not yet been calculated,” Trump wrote on Truth Social, adding that those opposed to tariffs have “hostile foreign interests.”
Trump expressed confidence in the apex court’s ruling even though judges were sceptical earlier this week regarding the president’s power to levy unlimited tariffs on every product imported to the US.
“I look so much forward to the United States Supreme Court’s decision on this urgent and time sensitive matter so that we can continue, in an uninterrupted manner to, MAKE AMERICA GREAT AGAIN!” Trump wrote.
Trump argues that companies had rushed to import goods ahead of tariff deadlines to avoid paying the duties, and claims those stockpiles are now running out, which he believes will force fresh imports to be made at full tariff rates.
“Soon tariffs will be paid on everything they apply to, without avoidance, and the amounts payable to the USA will SKYROCKET, over and above the already historic levels of dollars received. These payments will be RECORD SETTING, and put our Nation on a new and unprecedented course,” he reasoned.
However, a backup plan is reportedly already in the works at the White House should the apex court rule against the administration.
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Bloomberg reported that both the Commerce Department and the Office of the US Trade Representative have studied plan B options, which includes a unilateral ability to impose duties.
The Indian government earlier said that is keeping a close watch on how the ruling turns out so as to negotiate a trade deal with the US accordingly.
