Trump Tariffs

Blurb:

Many have disagreed with the rationale for the Trump tariffs, lamented their content and consequences, and been alarmed about the president’s expansive use of emergency powers to impose them. But the Supreme Court’s ruling challenging them ought to be alarming because it allows Congress’s dereliction of duty to continue while tipping the balance of power even further toward the judiciary.

The Supreme Court’s decision, written by Chief Justice John Roberts, is also alarming for a number of other reasons. To begin, it was dubious, seeing as how a splintered majority dismissed all “[s]tatutory text, history, and precedent” to the contrary in holding that tariffs are not a means to “regulate … importation” under the International Emergency Economic Powers Act (IEEPA), as Justice Brett Kavanaugh, joined by Justices Clarence Thomas and Samuel Alito, persuasively argued in his dissent. The court’s decision was also nonsensical, given that under its ruling, per the dissent, a president could “shut off all or most imports from China, but not … impose even a $1 tariff on imports from China.”

Blurb:

Most observers predicted the recent Supreme Court (SCOTUS) ruling striking down President Trump’s International Emergency Economic Powers Act (IEEPA) tariffs; however, the decision raises new doubts and questions about trade with the United States for exporters from countries like South Korea. This explainer discusses what the recent ruling means for trade between South Korea and the United States and how South Korea may respond to relations with the U.S. in the coming days.

Blurb:

President Donald Trump’s new tariffs have come into effect today at a rate of 10%, after the US supreme court blocked many of his import taxes on Friday.

The president signed an executive order last Friday authorising the 10% tariffs just hours after the supreme court ruling. He later threatened to raise the rate to 15%, but did not officially do so by Tuesday 12.01am time in Washington, when the 10% levy came into effect.

However, Bloomberg is reporting that officials in the White House are working on a formal order that will increase the rate to 15%.

It comes after Trump declared this week that he can use tariffs in a “much more powerful and obnoxious way”.

Blurb:

Harvard Law School professor emeritus Alan Dershowitz said Friday on Newsmax that President Donald Trump’s legal team made the “wrong argument” defending Trump’s tariff authority.

The Supreme Court ruled 6–3 Friday that the International Emergency Economic Powers Act does not authorize Trump to impose tariffs, holding that the statute’s phrase “regulate importation” does not include the distinct and extraordinary power to levy duties absent explicit congressional approval. Dershowitz appeared on “The Record with Greta Van Susteren.”

“I thought that the lawyers for Trump made the wrong argument to the Supreme Court, and I predicted they were going to lose based on their argument. Look, if you argue that it’s fundraising activity by Congress, of course you’re going to lose,” Dershowitz said. “This, the Article One of the Constitution, says that duties and taxes can be imposed only by Congress, and Congress can delegate that authority to the president.”

 

Blurb:

President Donald Trump announced Saturday an increase in the global tariff rate on imports from 10 percent to 15 percent. The change — which comes just a day after the administration was forced to restructure due to a controversial Supreme Court ruling — took effect immediately and applies to goods imported from most countries.

The announcement came one day after the U.S. Supreme Court issued a 6-3 ruling on in the consolidated cases Learning Resources, Inc. v. Trump and Trump v. V.O.S. Selections, Inc. The Court held that the International Emergency Economic Powers Act (IEEPA) does not authorize the president to impose tariffs.

Blurb:

The EU’s top executive body has urged US President Donald Trump not to impose new tariffs on the bloc’s goods and to clarify his position following the US Supreme Court ruling that struck down most of his earlier measures.

On Friday, the Supreme Court ruled that Trump had no authority to impose tariffs under the 1977 International Emergency Economic Powers Act (IEEPA). Trump responded by signing an order imposing a 10% global tariff through a different law and later said he would raise it to 15%. He denounced the justices who ruled against him as “a disgrace to the nation.”

Blurb:

He told ABC that the USTR already had open investigations into Brazil and China, and expected to initiate investigations into areas such as industrial excess capacity, which would cover many countries in Asia, and unfair trading practices regarding rice, which is heavily subsidised by some countries.

Greer said he did not expect the ruling and subsequent change in tariffs to affect Trump’s planned meeting with Chinese President Xi Jinping at the end of March.

“The purpose of this meeting with President Xi is not to fight about trade. It’s to maintain stability, make sure that the Chinese are holding up their end of our deal and buying American agricultural products and Boeings and other things,” Greer said. “I don’t see this really affecting that meeting.”

Blurb:

 

More winning from our historic and magnificent POTUS!

The ending of Russian oil imports would be particularly significant; yes, even huge. Trump on his phone meeting with India Prime Minister Modi: We spoke about many things, including Trade, and ending the War with Russia and Ukraine. He agreed to stop buying Russian Oil, and to buy much more from the United States and, potentially, Venezuela. This will help END THE WAR in Ukraine, which is taking place right now, with thousands of people dying each and every week! Out of friendship and respect for Prime Minister Modi and, as per his request, effective immediately, we agreed to a Trade Deal between the United States and India, whereby the United States will charge a reduced Reciprocal Tariff, lowering it from 25% to 18% (Truth)

India and China reportedly began edging away from Russian energy after President Trump imposed a 25% punitive tariff on countries doing business with Moscow — a move that signaled consequences.Trump has been pressing Indian Prime Minister Narendra Modi on Russian oil since last summer, and two weeks ago he raised the stakes dramatically, threatening tariffs as high as 500%.

Modi rushed to X to celebrate the new trade agreement at an 18% reciprocal tariff rate.

Blurb:

Turning to the Greenland crisis, EC president Ursula von der Leyen declares that “tariffs are a mistake, particularly between long-term allies”.

She reminds Davos that the US and Europe reached a trade deal last year.

In a nod to President Trump, as he jets towards Davos, von der Leyen says:

In politics as in business, a deal is a deal.

And when friends shake hands, it must mean something.

Blurb:

The Chinese Foreign Ministry and the Communist Party’s state propaganda arms railed on Tuesday against President Donald Trump’s imposition of a 25-percent tariff on countries that do business with Iran.

The president announced the policy after two weeks of protests in the country calling for an end to the brutal Islamist regime, which has responded with widespread violence that, some estimates suggest, has killed as many as 3,000 people. The “supreme leader” of Iran, 86-year-old Ayatollah Ali Khamenei, has since said in public remarks that it is the democratically elected Trump administration, and not his regime, that is on the verge of collapse, and Khamenei’s underlings have insisted that the regime has the country “under control.”

Trump has since called on Iranian protesters to “TAKE OVER YOUR INSTITUTIONS” and suggested the White House would support them.

Blurb:

President Donald Trump signed a New Year’s Eve proclamation delaying increased tariffs on upholstered furniture, kitchen cabinets and vanities for a year, citing ongoing trade talks

WASHINGTON — President Donald Trump signed a New Year’s Eve proclamation delaying increased tariffs on upholstered furniture, kitchen cabinets and vanities for a year, citing ongoing trade talks.

Trump’s order signed Wednesday keeps in place a 25% tariff he imposed in September on those goods, but delays for another year a 30% tariff on upholstered furniture and 50% tariff on kitchen cabinets and vanities.

Blurb:

Sweeping tariff increases on imports from China and other countries without free trade agreements (FTAs) with Mexico officially took effect Jan. 1, marking a significant shift in the country’s trade policy aimed at protecting domestic industries and jobs.

The tariff modifications, published in Mexico’s Official Gazette on Dec. 30, affect 1,463 product categories across more than a dozen sectors including automotive, textiles, clothing, steel, plastics, footwear, furniture, toys, aluminum and glass. The new duties range from 5% to 50%, with the highest rates applied to vehicles from China and certain other Asian nations.

Blurb:

The resurgence of the political right in Latin America and Mexico’s recently approved tariffs were among the issues spoken about at President Claudia Sheinbaum’s Monday morning press conference.

Here is a recap of the president’s Dec. 15 mañanera.

Sheinbaum: Shift to the right won’t happen in Mexico 

Citing the victory of José Antonio Kast in Chile’s presidential election on Sunday as well as the results of recent elections in Argentina and Bolivia, a reporter asked the president about the shift to the right of “some voters in Latin America.”

Sheinbaum responded that the situation in “each country” would need to be analyzed to determine why voters in some Latin American nations have recently supported right-wing candidates and parties in large numbers.

Blurb:

Korea Zinc announced on Monday a $7.4 billion smelter project in Tennessee that will be backed by the U.S. government and which will lessen our reliance on China for critical minerals used in defense systems, electronics, and so much more that powers our modern world.

Commerce Secretary Howard Lutnick took to X to laud the news:

Blurb:

 

Another South American country has gone “far-right” and the timing couldn’t be better for the U.S. as it seeks to secure its critical mineral supply chain.

Several weeks ago, Bolivia elected Rodrigo Paz as its new president. He promptly planned to scrap a ream of taxes as one of his first moves since becoming the nation’s first conservative leader in nearly two decades.

The government has also repaired relations with Washington after years of anti-American hostility dating back to when ex-President Evo Morales, a charismatic coca-growing union leader, kicked out the U.S. Drug Enforcement Administration in 2008 and cozied up to Russia, Iran and Venezuela.

The U.S. State Department has already announced agreements on nuclear cooperation and security assistance, and Paz has said his administration will allow Elon Musk’s Starlink to operate in Bolivia for the first time, after his predecessor refused to give it an operating license last year.