This is not a president who is used to being told “No.” He has torn down the East Wing of the White House and captured foreign leaders. But the Supreme Court’s decision that President Donald Trump can’t utilise emergency powers to impose tariffs that are the same for all countries and are based on their own needs throws a wrench in his current trade plan.
The league table of tariffs that was shown in the Rose Garden on “Liberation Day” in April, and President Trump’s recent threat to put further taxes on European countries unless they back his plan to buy Greenland, broke the rules of world trade and could hurt growth.
But if you believe things will go back to how they were before Trump, think again.Importers have been quick to move their supply chains away from nations with the highest tariffs. Because of this, sales of things like clothes and toys from China have gone down. Or importers have taken on part of the higher prices themselves or along those supply chains, which means that the effect on US inflation has been lessened. That plus a desire to maintain the money coming in (tariff collections reached $240 billion last year, although they seem to have levelled down) may have given the Trump fightback more power.
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