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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsWhite House preps backup tariff plans before Supreme Court verdict as Trump says revenue will 'skyrocket
The White House is quietly preparing a backup plan for President Trump's tariffs, as the US Supreme Court is set to decide whether he had the authority to issue them in the first place. Bloomberg reports that the Commerce Department and the Office of the US Trade Representative have considered alternate plans in the event the court rules against the administration.
The replacement plans, which may face their own legal challenges, are a sign the White House is getting ready behind the scenes for SCOTUS to rule against the tariffs, even as the president remains optimistic publicly. Trump on Monday claimed the "full benefit" of tariff policies would take effect soon, arguing that foreign buyers who stockpiled inventory would be forced to buy more goods.
"Tariffs will be paid on everything they apply to, without avoidance, and the amounts payable to the USA will SKYROCKET," Trump wrote.
The president invoked the International Emergency Economic Powers Act (IEEPA) to levy blanket tariffs on goods from other countries. But Congress is the branch of the US government with oversight of taxation and spending not the president. It's not clear when SCOTUS will make its ruling.
https://finance.yahoo.com/news/live/trump-tariffs-live-updates-white-house-preps-backup-plans-before-supreme-court-verdict-as-trump-says-revenue-will-skyrocket-231853589.html
Lovie777
(21,307 posts)bucolic_frolic
(53,507 posts)So what do you do with all that revenue, IF it materializes? Help the citizens? No. Flood the TechBros with tax cuts and fat wallets so they can build more AI to make the masses unemployed. So successful - if you're on the top of society.
walkingman
(10,202 posts)Coldwater
(722 posts)rolled back tariff's on over 200 items in order to lower prices because he knows tariffs don't work
Because his entire economic policy hinges on imposing tariffs - he's screwed.
marble falls
(69,965 posts)Renew Deal
(84,597 posts)Just to jack up prices on everyone.
unblock
(55,832 posts)AZJonnie
(2,475 posts)He sticks with it, no matter how many times it's debunked by people who actually know what they're talking about. Because he knows the rubes live in an information bubble that inconvenient facts do not penetrate. He is very much an obvious acolyte of the "The Big Lie" strategy made famous by a murderous 20th century dictator.
To any wingnuts reading this post:
TARIFFS ARE NOT PAID BY FOREIGN COUNTRIES, THEY ARE TAXES PAID BY WHOEVER IMPORTS THE GOODS FROM THE FOREIGN COUNTRY. They are a TAX ON USA-BASED BUSINESSES, and these importers pass down these added TAXES on to their consumers as much as they possibly can get away with.
These are well-known facts, and YOUR DEAR LEADER HAS BEEN CONNING YOU ALL ALONG.
When he says "the amounts payable to the USA will SKYROCKET", that means YOUR MONEY.
ProfessorGAC
(75,481 posts)...in today's operational philosophy environment????
10 months? They would have started stockpiling 6 months before the election happened to get over 10 months of inventory. Why would they even do that? Biden was still running and the election was never a sure thing for the felon.
The answer: they wouldn't do that.
Plus, the carrying costs of such excess inventory would rival the cost of the tariffs on a lot of those products.
Plus, some of the unbought exports are perishable. So, 10 months is out of the question.
Just another attempt to paint a disastrous policy, executed disastrously, as a success, economically.
It's not.