Trump Lifts Global Tariff to 15%, Companies Start to Sue, More
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What is the main topic discussed in this episode?
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What recent changes did President Trump make to global tariffs?
I'm Monica Ricks. Less than 24 hours after imposing a new 10% global tariff, President Trump has announced on Truth Social he's boosting that levy to 15%. The president's move is in response to the U.S. Supreme Court's ruling Friday, rejecting his sweeping tariffs. But National Economic Council Director Kevin Hassett says Trump was prepared for this outcome.
How are companies reacting to the new tariff increases?
President Trump told us from the beginning that we had to have a backup plan and a backup plan for the backup plan in case the Supreme Court ruled against his first try of doing it with AIPA. And so isn't it wonderful to think about how well organized he is that the same day that we get the Supreme Court ruling, we come out with a backup plan that's just as good.
Hassett on Fox News. Thousands of companies, meantime, have already sued or are getting ready to sue the Trump administration to get refunds for tariffs. But there's still a lot of uncertainty over how this will all shake out economically. Archie Hall is an economics editor at The Economist.
Whether that's done in a smooth and straightforward way, and lots of folks have said there should be a way for this to be done automatically, or whether it involves a huge amount of paperwork and the government tries to make it as hard as possible so they can cling on to those tariff revenues, that remains to be seen.
The federal government could be on the hook for about $170 billion, with major retailers like Costco down to small businesses lining up to get their money back. But Treasury Secretary Scott Besson said yesterday this process could take months or even years to play out in courts. Economists are also worried this could be piling on to a financial problem the Supreme Court just rejected.
What is the potential economic impact of the new tariffs?
Diane Swonk is chief economist at KPMG.
There's a downside to this in that the new kinds of tariffs that the president can use are not easily turned on and off. And the off part is the important part is that we're not going to be able to once they go through the investigations, those ones to replace the ones that were ruled illegal by the Supreme Court are going to be much harder to reverse once they go into place.
Trump's global tariff will be in place for 150 days. After that, the president would need congressional approval for an extension. The oil market is experiencing its strongest start to a year since 2022 due to supply shocks and sanctions, with Brent futures touching a seven-month high of more than $72 a barrel. Traders are now racing to cover themselves against the prospect of the U.S. bombing Iran again. And a U.S. military presence is growing near the country, which is why the United Nations is calling for diplomacy.
How are economists viewing the new tariff strategies?
U.N. spokesperson Stefan Dujarric.
We are very concerned about the heightened rhetoric by the heightened military activities, war games or just military, increased military naval presence in the region.
President Trump says he's considering limited strikes against Iran unless it agrees to a nuclear weapons deal in the next two weeks. Ukraine confirms it hit a major missile factory deep inside Russia overnight as Moscow blasted Ukraine with heavy drone attacks. Nearly a dozen people were hurt. The attacks forced Russia to suspend flights at airports in and around the region. Here at home, millions of people along the East Coast are bracing for another winter storm. Bloomberg meteorologist Rob Carolin is tracking it.
A significant winter storm looks to impact parts of the northeast for the late part of the weekend into early next week.
What are the implications of the Supreme Court's ruling on tariffs?
Blizzard warnings up for the Jersey Shore, New York City, Long Island, and coastal Connecticut. Elsewhere, we're going to see winter storm warnings, though we may see some blizzard warnings go up for Cape Cod, the islands, as well as southeastern Massachusetts.
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Chapters
8 chapters
1
What is the main topic discussed in this episode?
0:00–0:31
2
What recent changes did President Trump make to global tariffs?
0:31–0:52
3
How are companies reacting to the new tariff increases?
0:52–2:02
4
What is the potential economic impact of the new tariffs?
2:02–2:56
5
How are economists viewing the new tariff strategies?
2:56–3:47
6
What are the implications of the Supreme Court's ruling on tariffs?
3:47–4:39
7
How is the oil market responding to geopolitical tensions?
4:39–5:31
8
What weather events are affecting the East Coast currently?
5:31–8:06
Speakers
8 identifiedMore from Bloomberg News Now
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