White House preps backup tariff plans before Supreme Court verdict as Trump says revenue will 'skyrocket [View all]

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