Trump Imposes New Tariff After SCOTUS Ruling, Refunds in Question, More
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News when you want it with Bloomberg News Now. I'm Dan Schwartzman. In response to the Supreme Court decision to strike down many of President Trump's tariffs, Trump imposed a 10 percent global tariff on foreign goods set to take effect February 24th at 12.01 a.m. Washington time. The president is implementing the new baseline duty under Section 122 of the Trade Act of 1974, which grants the president unilateral ability to impose tariffs, but does put a 150-day limit on how long the duties can remain in place. The president also lashing out at the justices, including three conservative ones, two of whom were nominated by him in his first term, Neil Gorsuch and Amy Coney Barrett. Trump declined to respond after being asked if he regretted nominating Barrett and Gorsuch, but did say this about the justices and the majority.
When, in fact, they're just being fools and lapdogs for the rhinos and the radical left Democrats. And that's President Trump. Treasury Secretary Scott Besson said on Fox News Friday that any refunds from the tariffs struck down by the Supreme Court would be the, quote, ultimate corporate welfare, suggesting he sees no benefit actually flowing to American consumers. Besson said the amount of revenue affected by the Supreme Court's decision would be closer to $130 billion than estimates of up to $175 billion. The secretary said litigation over refunds could turn into a months- or years-long process. In a speech earlier Friday, Besson said that revenue collected from tariffs will be, quote, virtually unchanged in 2026 despite the ruling because the administration would reimpose most of the tariffs using other authorities.
American automakers learned Friday night that they had been spared from tariffs that President Trump imposed after the Supreme Court ruling. The White House affirmed in a fact sheet that passenger vehicles and certain trucks and auto parts would not be subject to the duty. The American Automotive Policy Council, which represents General Motors, Ford, and Stellantis, had sent a letter to Trump's trade team seeking to preserve a framework that protects them from paying multiple import taxes on vehicles and parts. Automakers had faced billions of dollars in additional costs from Trump's tariffs, particularly those levied on imported autos and car parts. The U.S. military announcing on Friday that it destroyed another boat killing three people, it says, were trafficking drugs in the eastern Pacific Ocean.
The latest attack raises the death toll from these types of strikes on alleged drug vessels to at least 148 people since early September. The practice of destroying alleged drug boats while killing those aboard have critics questioning the legality of such a move. Immigration and Customs Enforcement plans to shrink its detention facility network, and that could mean a hit to private prison operators, as we hear from Bloomberg's Nathan Hager in Washington.
Right now, ICE has detainees in more than 200 facilities, most of them owned by private prison giants like GeoGroup and CoreCivic. But the agency now plans to shift to a network of 34 larger sites, mostly industrial warehouses, all owned by the Department of Homeland Security. The move would be a major expansion of immigrant detention. It could also be a blow to the prison industry. Both GEO and CoreCivic get close to half their revenue from ICE contracts.
What new global tariff did Trump impose after the SCOTUS ruling?
In Washington, I'm Nathan Hager, Bloomberg Radio.
Just as parts of the Northeast, including New York, New Jersey, and Connecticut, are finally seeing all the snow from the previous storm melt due to recent warm weather, the U.S. National Weather Service has warned of a possible late-weekend storm.
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Chapters
5 chapters
1
What is the main topic discussed in this episode?
0:00–3:30
2
What new global tariff did Trump impose after the SCOTUS ruling?
3:30–4:17
3
What are the implications of the new tariff under the Trade Act of 1974?
4:17–5:01
4
How did Trump react to the Supreme Court justices after the ruling?
5:01–6:23
5
What did Treasury Secretary Scott Besson say about tariff refunds?
6:23–7:13
Speakers
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