Ever wonder what happens if the U.S. Supreme Court strikes down President Trump's tariffs? 🤔 At a White House briefing on Wednesday, Trump dropped a bombshell: if he loses the case, the U.S. might have to 'unwind' major trade deals with the European Union, Japan and South Korea. Yikes! 💥
Here's the scoop:
- The showdown: Trump's team is asking the Supreme Court to reverse a U.S. appeals court ruling that flagged many of his so-called 'reciprocal' tariffs as illegal. These were first rolled out in April's trade war and include a separate round from February hitting the Chinese mainland, Canada and Mexico.
- What's at stake: Tariffs are basically taxes on imported goods. While importers foot the bill, those costs often trickle down to U.S. shoppers as higher prices—fueling inflation and sparking headaches for consumers.
- Deal drama: Trump warns scrapping these tariffs could force the U.S. to back out of framework deals with the EU, Japan and South Korea, potentially shaking up global trade partnerships.
- Experts weigh in: Ryan Majerus, a former senior U.S. trade official, says these pacts were never full-on trade agreements—they were frameworks that could flex if needed. Meanwhile, Senator Ron Wyden, top Democrat on the Senate Finance Committee, called Trump's comments confusing, adding more uncertainty to the mix.
Bottom line? If the Supreme Court rules against the administration, we could see big shifts in how the U.S. trades with key partners. 🌏 Stay tuned as this legal battle unfolds! 📱✨
Reference(s):
Trump: U.S. may have to unwind trade deals if it loses tariff case
cgtn.com
