Majority of Americans blame Trump tariffs for ‘poor’ economy in new poll, showing dip in approval. More than 7 in 10 Americans say current economic conditions in the country are “poor” or “very poor” in a new CNN poll.
There’s almost nothing less popular in America than the tariffs, but Trump refuses to back off on them at all and keeps adding more. Maybe the next Republican president will quietly drop them?
What’s worse is that Trump came out this week essentially telling people struggling on SNAP benefits that have been lost due to the government shutdown to essentially go f*ck themselves…
If the economy is bad then the government in power loses votes. Trying to insist that America is in a ‘golden age‘ when prices are high and there’s no jobs isn’t going to work.
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Now, Trump’s tariff legacy is about to face its highest test. The Supreme Court will hear arguments on November 5 over whether his use of emergency powers to levy global trade duties crossed constitutional lines. The decision could redraw the map of executive authority. Here’s what to know:
Trump Tariffs: Why This Case Matters for Global Markets
At stake are hundreds of billions of dollars in tariffs on goods from China, Mexico, and Canada, as well as a 10% global baseline levy that Trump ordered through the International Emergency Economic Powers Act (IEEPA). Lower courts have already ruled that the move exceeded presidential authority, describing the former president’s actions as “impermissible” under federal law.
“Because of the Constitution’s express allocation of the tariff power to Congress, IEEPA does not delegate an unbounded tariff authority to the President,” the US Court of International Trade wrote in its decision.
If the Supreme Court upholds the lower rulings, it could force the US to refund as much as $195 Bn in tariffs collected since 2018, according to Treasury data. That refund would hit federal finances hard, already stretched by rising deficits and slowing tax receipts.
It could also destabilize trade relationships just as markets adjust to Trump’s proposed “reciprocal tariff” doctrine, which would impose duties ranging from 10% to 41% on countries that fail to sign new trade deals with Washington.
The Economic Stakes Behind The Supreme Court Decision
According to FRED and US Census Bureau data, Trump’s tariffs pushed the average import duty rate from 1.4% in 2017 to 3.3% by 2020, which is the highest since World War II.
Yet the US trade deficit didn’t shrink; it exploded from $552 Bn to $864 Bn, proof that the tariffs barely dented America’s addiction to foreign goods.
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How Trump Defended His Tariff Power
Trump has repeatedly argued that IEEPA grants him “virtually unlimited powers” to protect national security and the economy, citing trade deficits and drug trafficking as emergencies justifying unilateral action. The 1977 law was historically used for financial sanctions, not tariffs.
“The president has the authority to regulate importation during emergencies without explicit limitations,” four appeals court judges wrote in partial support of the administration’s interpretation of IEEPA.
If the Supreme Court strikes down Trump’s tariff authority under IEEPA, it could blow a hole in the foundation of his entire economic playbook. So we’ll see. But today is a big day for the US economy and Bitcoin.
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Key Takeaways
- Majority of Americans blame Trump tariffs for ‘poor’ economy in new poll, showing dip in approval. More than 7 in 10 Americans are pissed.
- According to FRED and US Census Bureau data, Trump’s tariffs pushed the average import duty rate from 1.4% in 2017 to 3.3% by 2020.
The post Trump Tariffs Head to Supreme Court Hearing: Will Trump Hearing Hit BTC USD Price? appeared first on 99Bitcoins.
