Trump Fires Back at SCOTUS, Trump Announces New Tariffs, More
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The UK stands apart as a place to do business, not because of one advantage, but many working together. Over £10 trillion in capital, four of the world's top universities, a 10-year industrial strategy in action, its stability with dynamism, global reach with local depth. It all adds up to greater growth. Find out more at business.gov.uk slash growth. News when you want it with Bloomberg News Now. I'm Dan Schwartzman. President Trump reacting to the Supreme Court striking down his sweeping global tariffs in a six to three ruling. The court said Trump exceeded his authority by invoking a federal emergency powers law to impose his, quote, reciprocal tariffs across the globe, as well as targeted import taxes.
The administration says address fentanyl trafficking. 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. Jennifer Hillman, Georgetown law professor and former vice chair of the U.S. Internal Trade Commission and a former member of the World Trade Organization appellate body, says the court followed the law.
I think the court's opinion is quite clear, and it's a straight-up analysis of the law. Again, it starts with the Congress alone has the power to impose tariffs. And so the question before the court was whether IEPA hands over, delegates that authority to the president. And the court looked at the statute and came to the unequivocal conclusion that the answer is no. The statute itself does not contain the word tariff or duty. It says nothing about how you would determine how much tariffs on what.
That's Georgetown law professor Jennifer Hillman. President Trump, though, says the administration has alternatives to replace the rejected tariffs.
The good news is that there are methods, practices, statutes and authorities, as recognized by the entire court in this terrible decision, and also is recognized by Congress, which they refer to, that are even stronger than the IEPA tariffs available to me as president of the United States.
Trump also announcing a new global tariff.
Today I will sign an order to impose a 10% 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. The Supreme Court, though, did not address the extent to which importers are entitled to refunds, leaving it to a lower court to sort out those issues. If fully allowed, refunds could total as much as $170 billion, which is more than half the total revenue Trump's tariffs have brought in. Wall Street reacting to the Supreme Court ruling with the Dow gaining around a quarter percent, the S&P up over a half percent. while the Nasdaq has gained close to nine-tenths of one percent.
What was President Trump's reaction to the Supreme Court's ruling on tariffs?
The 10-year Treasury yield is at 4.085, the two years at 3.481. Gold is trading above $5,070 an ounce, while Bitcoin is close to $67,700. President Trump, speaking to reporters earlier at the opening of a breakfast with governors at the White House, 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. Michael O'Hanlon, military analyst at the Brookings Institute, says the buildup gives the president options.
It's partly, I think, designed to handle any retaliation by Iran against American bases, Jordan, Israel. We're not, therefore, committed to any near-term quick action. President Trump can try to use as negotiating leverage, could undertake a brief strike and then follow it up with a larger strike.
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