Treasury official warns of widespread economic damage if Supreme Court rules against Trump's tariffs
Source: Yahoo Finance
The Trump administration is warning that if the Supreme Court were to dismantle President Trump's tariffs, it would cause "unnecessary economic pain and hardship," damaging financial markets and confidence.
"To the extent that the policy would be reversed or watered down, that would damage financial markets," Counselor to the Treasury Secretary Joe Lavorgna said this week in an interview with Yahoo Finance. "You've seen record high equity markets, record low credit spreads. You've seen commitments by all different countries and companies to invest in the US.
"It would damage confidence. The economic system capitalism works on confidence," he added.
While economists acknowledge it could lead to greater uncertainty, they and others say the impact of a ruling against Trump could have other impacts including positive ones.
Read more: https://finance.yahoo.com/news/treasury-official-warns-of-widespread-economic-damage-if-supreme-court-rules-against-trumps-tariffs-190100275.html
So...according to this administration, the issue is not whether the tariffs are illegal, but the impact on the economy if the tariffs are declared illegal...
Nictuku
(4,463 posts)NotHardly
(2,255 posts)sinkingfeeling
(56,780 posts)GB_RN
(3,465 posts)Assuming the SCOTUS rules the invocation of the IEEA as an excuse to toss off tarrifs sans-input/OK from Congress, then theyll have to figure out how to give all that money back.
That said, you can be sure that the importers will keep every last goddamned penny. Not one red cent will ever come back to those who truly paid the tariffs: The US consumers.
Fucking greedy bastards.
thesquanderer
(12,849 posts)PSPS
(15,103 posts)The stock market already got a big boost merely because it was reported that the SC "seemed skeptical."
popsdenver
(1,017 posts)that if the Tariff's were cancelled, that corporations would not lower the prices back to where they were before the tariff's were put in place.....
So, in some ways, the Corporations would be elated if they were cancelled......they wouldn't have to pay the tariffs and continuing the price, inflated by the tariffs, would give them windfall profits, even above their record profiteering starting in 2024 to make it look like Biden was causing inflation......
In a sense, the Corporations are truly what is running America, especially since the 2010.....Citizens United.....a gift of the USSC to them.
If this continues, it is only a matter of time that the Repubs drop the name United States of America, and declare this country:::
the FASCIST CORPORATE STATES OF AMERICA.........
If you examine the workings and politics of the U.S. closely, you will see that is where we almost are already........
AZJonnie
(2,291 posts)and determine they make sense to keep. And presumably a bare majority is required, so the GOP could do it on their own.
These tariffs are not in Trump's fucking POWER TO DO, by the Constitution. So, if there are these hugely negative outcomes if they're rescinded, it's all on FUCKFACE for breaking the law in the first place. ENOUGH with his fucking imperial presidency.
FakeNoose
(39,493 posts)Enough R's have already seen how angry the voters are, and every Representative has to face their voters for re-election next year.
AZJonnie
(2,291 posts)Power back in the hands of the people's representatives like the Founders intended, not in the decrepit talons of King Pedonald The First
Scalded Nun
(1,557 posts)What damages confidence? Waking up every fucking morning realizing there is still a lunatic, sexual abuser, multiple felon, treasonous piece of shit still running our country and our democracy into the ground, being supported by a treasonous GOP supporting his every illegal, illogical, unethical, murderous, fucking stupid and treasonous action and whim.
I must admit it does sort of make me lose confidence.
C_U_L8R
(48,546 posts)Don't do it.
Clouds Passing
(6,540 posts)bluestarone
(20,783 posts)Oh nowhat are we gonna do? Then wants th SC to bail his ass out. Jesus Christ these fuckers are TERRORISTS, worthless pieces of shit.
Turbineguy
(39,636 posts)MLWR
(672 posts)not to base decisions based on uncomfortable outcomes.
travelingthrulife
(3,813 posts)mahina
(20,153 posts)Where is that money right now anyway?
travelingthrulife
(3,813 posts)They have stolen it all most likely.
no_hypocrisy
(53,773 posts)Ollie Garkie
(328 posts)In a fucking warped alternate universe where white is black and up is down.
TomSlick
(12,812 posts)The tariffs are the greater threat to the economy.
BlueWavePsych
(3,309 posts)
OldBaldy1701E
(9,532 posts)No, it works on delusion.
And, we love it.
truthisfreedom
(23,494 posts)To pay for the losses and well be fully repaid.
Fuck him. He can owe us the money from his personal grifter fortune for the rest of his t**** familys existence. Put them to work repaying the debt to America.
Clouds Passing
(6,540 posts)bucolic_frolic
(53,259 posts)I don't use the term often, or this may be the first time, but I do know an asshat when I hear one.
CanonRay
(15,808 posts)Lotusflower70
(3,108 posts)Trump creating problems and trying to look like he is solving them but more than likely will make it worse