Trump Slams SCOTUS Tariff Ruling, Plots New Trade Course, More
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What is the main topic discussed in this episode?
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What are President Trump's reactions to the Supreme Court's tariff ruling?
I'm Monica Ricks. President Trump isn't happy with the Supreme Court's decision today to block his sweeping tariff policy.
The Supreme Court's ruling on tariffs is deeply disappointing.
And he's doubling down, Trump saying he plans to invoke alternative measures.
Today I will sign an order to impose a 10% global tariff under Section 122.
What alternative measures is Trump considering after the tariff ruling?
Over and above are normal tariffs already being charged.
Trump also pushed back on working with Congress and the idea of refunding businesses. But thousands of companies and importers could now sue the government to recoup billions they've already paid in tariffs. Bloomberg's Greg Storr tells us we'll see a lot of those fights play out in lower courts.
It's not yet clear what argument the administration has against refunds for the $170 billion that have been paid in these tariffs under this law, but it sounds like they are prepared to at least make some of them. And then we may well have future fights Over these other laws, including the one that the president said he is going to use to impose that 10% global tariff, that's a more limited authority that is supposed to extend only for 150 days. There may be questions about the exact parameters of what Donald Trump can do under that law.
Still, Treasury Secretary Scott Besson says revenue collected from tariffs will be virtually unchanged this year.
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.
How might companies recoup tariffs they've paid?
Besant speaking at the Economic Club of Dallas. Stocks advanced while bonds and the dollar slipped following today's tariff ruling. The Dow added 231 points, up about a half percentage point. The Nasdaq was up 203. The S&P added 48 points. The 10-year Treasury yield at 4.08. The two-year yields at 3.47. Oil hit a near six-month high today as President Trump prepares for a possible military strike against Iran if it doesn't agree to a nuclear weapons deal in the next 15 days.
They better negotiate a fair deal.
Officials are still working on a diplomatic solution, but the International Atomic Energy Agency's board is scheduled to meet in Vienna soon and could ask the UN Security Council to take further action.
What implications does the new tariff policy have for U.S. revenue?
Traders say any unrest in the region could upend crude supplies globally, which means U.S. drivers could see higher prices at the pump soon. Meantime, a ship believed to be carrying Russian fuels is now on its way to Cuba. We get more from Bloomberg's Dan Schwartzman.
President Trump's sanctions and blockade of Cuba are being put to the test as a ship believed to be carrying Russian fuels. It's on its way to the island, which is dealing with a deepening energy crisis. The vessel, which is named Seahorse, is expected to arrive in early March and is carrying much needed fuels to Cuba, including nearly 200,000 barrels of Russian gas oil used in transportation and power generation. The U.S. blockade has already seized at least nine ships involved in the illicit transport of sanctioned oil. Dan Schwartzman, Bloomberg Radio.
What are the potential consequences of unrest in the Middle East on oil prices?
Consumer sentiment rose this month, but by a little less than expected. And new home sales jumped higher in November, but slipped a bit in December, with average prices for newly built homes near $533,000. That data was a bit delayed due to the government shutdown. Authorities in Nevada are investigating a counterterrorism incident involving a man who allegedly tried ramming a vehicle into an LA power and water facility near Boulder City. They still haven't given a motive, but officials say they recovered weapons and explosive materials from his hotel room.
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Chapters
8 chapters
1
What is the main topic discussed in this episode?
0:00–0:31
2
What are President Trump's reactions to the Supreme Court's tariff ruling?
0:31–0:55
3
What alternative measures is Trump considering after the tariff ruling?
0:55–2:10
4
How might companies recoup tariffs they've paid?
2:10–2:52
5
What implications does the new tariff policy have for U.S. revenue?
2:52–3:37
6
What are the potential consequences of unrest in the Middle East on oil prices?
3:37–4:33
7
How is the U.S. blockade affecting Cuba's energy crisis?
4:33–5:10
8
What recent economic data reflects consumer sentiment and housing market trends?
5:10–7:01
Speakers
9 identifiedMore from Bloomberg News Now
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