Tariffs Reversal Possible
From the Ag Information Network, I’m Bob Larson with today’s fruit grower report. President Trump says it would be an “economic disaster” for the nation if the Supreme Court overturns his tariffs.
Trump warned the Supreme Court against overturning his emergency tariffs in a case challenging his use of a 1977 law …
TRUMP … “Trillions of dollars have been taken in or gotten, in terms of investment, from the tariffs, and so, if that were ever reversed, it would be a disaster. Frankly, it would be a national security problem for our country.”
Especially given a rare earth deal Trump made with China, while farmers complain it’s harmed top markets in China and elsewhere.
But the president is betting his power to tariff will be upheld …
TRUMP … “And nobody thinks it’s going to be reversed. I think we had a very good court case. As you know, it’s before the Supreme Court right now.”
But the High Court’s six conservative justices seemed mixed in their views, with at least two strongly questioning Trump’s power to tariff, which is constitutionally a Congressional power. Legal experts see Trump’s chances to prevail as 50-50.
But Trump argues his tariffs have worked to rebalance trade, especially with major trade partners like Europe …
TRUMP … “They were not taking our agriculture, we were taking massive amounts of theirs. It was so unfair.”
But the tariffs also invited retaliation, especially from China, forcing Trump to broker a deal with Beijing that recouped some but not all the lost US soybean sales.
