- The President also questioned the Supreme Court’s decision, stating that while all licenses carry a fee, the U.S. cannot charge one to other countries.
- He added that the Supreme Court will find a way to come to the wrong conclusion, one that will make China and other nations happy as well as rich.
- President Trump announced a global 10% levy before ramping it up to 15% on Saturday.
President Donald Trump on Monday said that the Supreme Court “unwittingly” gave him far more powers and strength after striking down his tariff policy last week.
“Our incompetent supreme court did a great job for the wrong people, and for that they should be ashamed of themselves,” he said in a post on Truth Social, while excluding the three justices who dissented against the apex court’s decision.
“For one thing, I can use Licenses to do absolutely ‘terrible’ things to foreign countries, especially those countries that have been RIPPING US OFF for many decades,” he added.
Trump Questions The Supreme Court
The President also questioned the Supreme Court’s decision, stating that while all licenses carry a fee, the U.S. cannot charge one to other countries.
“The opinion doesn’t explain that, but I know the answer! The court has also approved all other Tariffs, of which there are many, and they can all be used in a much more powerful and obnoxious way, with legal certainty, than the Tariffs as initially used,” he stated.
President Trump added that the Supreme Court will find a way to reach the wrong conclusion, one that will make China and other nations happy and rich.
In a reaction to the Supreme Court’s decision last week, President Trump reportedly called it a “disgrace.” Subsequently, he announced a global 10% levy before ramping it up to 15%. The new 15% global tariffs can be in place for 150 days before requiring Congressional approval.
What Did The Supreme Court Say?
The Supreme Court stated that President Trump exceeded his authority by invoking an emergency-powers law, while striking down the tariffs in a 6-3 decision.
The court noted that the United States is not at war with every country in the world, and added that the U.S. government has not defended the application of tariffs as an exercise of the President’s war-making powers.
“The Government thus concedes, as it must, that the President enjoys no inherent authority to impose tariffs during peacetime,” the court stated.
Meanwhile, U.S. equities declined in Monday’s pre-market trade. At the time of writing, the SPDR S&P 500 ETF (SPY), which tracks the S&P 500 index, was down by 0.39%, the Invesco QQQ Trust ETF (QQQ) fell 0.55%, while the SPDR Dow Jones Industrial Average ETF Trust (DIA) declined 0.46%. Retail sentiment around the S&P 500 ETF on Stocktwits was in the ‘bearish’ territory.
The iShares 20+ Year Treasury Bond ETF (TLT) was up by 0.23% at the time of writing, while the iShares 7-10 Year Treasury Bond ETF (IEF) rose 0.12%.
Also See: Why Is NVO Stock Falling Pre-Market Today?
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