Trump Announces Global Tariff After SCOTUS Ruling, Bessent: Tariff Revenue Flow Steady, More
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What is the main topic discussed in this episode?
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News when you want it with Bloomberg News Now. I'm Dan Schwartzman. President Trump with a strong reaction to the Supreme Court striking down his sweeping global tariffs in a six to three ruling. Trump said he was, quote, ashamed of certain members of the court and that some of the justices were, quote, frankly, a disgrace to our nation. Trump went on to say that the justices were, quote, very unpatriotic and disloyal to our Constitution, while also suggesting they may have been swayed by foreign interests. The president, though, says the administration has other ways to collect tariffs.
But other alternatives will now be used to replace the ones that the court incorrectly rejected. We have alternatives, great alternatives. Could be more money. We'll take in more money and we'll be a lot stronger for it.
President Trump also announcing a new global tariff.
Today, I will sign an order to impose a 10 percent global tariff under Section 122 over and above our normal tariffs already being charged. And we're also initiating several Section 301 and other investigations to protect our country from unfair trading practices of other countries and companies.
That's President Trump. Treasury Secretary Scott Besson, speaking at the Economic Club of Dallas on Friday, says tariff revenue shouldn't be affected by the Supreme Court ruling.
Treasury's estimates show that the use of Section 122 authority combined with potentially enhanced Section 232 and Section 301 tariffs will result in virtually unchanged tariff revenue in 2026.
Besant's also weighing in on potentially having to refund as much as $170 billion in collected tariffs, which is more than half the total revenue Trump's tariffs have brought in.
It's in dispute. Supreme Court did not rule on that today. They pushed it back down to the International Tax and Trade Court. And my sense is that could be dragged out for weeks, months, years.
That's Treasury Secretary Scott Besson speaking at the Economic Club in Dallas. Meanwhile, European Union lawmakers will be holding an emergency meeting to reassess the bloc's trade deal with the U.S. The European Parliament's Trade Committee had been expected to vote to move forward with the ratification process of the agreement, but the court's ruling has now cast doubt on the timeline and the entire accord. The trade pact would have erased tariffs on most American goods instead of 15% tariff on EU products. Wall Street reacting to the Supreme Court ruling with the Dow gaining around a third of a percent. The S&P 500 is up over a half percent, while the Nasdaq has gained around three quarters of one percent.
The 10-year Treasury yield is at 4.085, the two years at 3.481.
What was President Trump's reaction to the Supreme Court ruling on global tariffs?
Gold is trading above $5,070 an ounce, while Bitcoin is close to $67,700. President Trump speaking to reporters at the opening of a breakfast with governors at the White House earlier today says he is considering limited strikes on Iran as a way to ramp up pressure on the regime to make a deal to limit its nuclear program. The U.S. military has been building up a massive armada in the Middle East, including two aircraft carriers, hundreds of fighter jets and refueling tankers, along with thousands of troops. The president has said Iran has 10 to 15 days to strike a deal over its nuclear program. Michael O'Hanlon, military analyst at the Brookings Institution, suggests what a part of a nuclear deal might entail.
After President Trump pulled out of the Iran nuclear deal in his first term, Iran exceeded previous agreed thresholds. We don't know where all that U-235 is right now. The United States could demand of Iran, and we want it. And also, we want verifiable confirmation that you don't reconstitute any of your centrifuge facilities that can be used to further enrich uranium.
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Chapters
4 chapters
1
What is the main topic discussed in this episode?
0:00–3:06
2
What was President Trump's reaction to the Supreme Court ruling on global tariffs?
3:06–5:05
3
What alternatives to tariffs did the Trump administration propose?
5:05–6:32
4
How will the new global tariff affect international trade?
6:32–7:57
Speakers
9 identifiedMore from Bloomberg News Now
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