President Donald Trump told reporters at the White House that the United States might have to "unwind" trade agreements with the EU, Japan and South Korea if the Supreme Court rules against his tariffs. He warned such a decision could make the U.S. "suffer so greatly." 🤯
Trump’s administration plans to ask the Supreme Court to reverse a recent U.S. appeals court ruling that struck down many of the tariffs he imposed. The appeals court said these "reciprocal" duties, part of his April trade war measures and a separate February round targeting China, Canada and Mexico, were illegal.
While Trump argued that rescinding these tariffs would be costly, experts point out that importers in the U.S., not overseas companies, actually pay these duties. Economists also warn that high tariffs can fuel inflation and pinch American wallets. 💸
Former senior U.S. trade official Ryan Majerus noted that the framework deals with the EU and other partners were always subject to change, not full-blown trade treaties. Meanwhile, Senator Ron Wyden, chair of the Senate Finance Committee, said Trump’s comments only add to the confusion around U.S. trade policy. 🔄
With a Supreme Court decision looming, all eyes are on the high-stakes appeal that could reshape how America does business abroad. Stay tuned for what comes next! 🌐✨
Reference(s):
Trump: U.S. may have to unwind trade deals if it loses tariff case
cgtn.com
