President Donald Trump said Tuesday he will appeal a federal appeals court ruling that found his global tariffs exceeded his authority.
Speaking on Scott Jennings’ radio show, Trump repeated his claim that the tariffs represent an "economic emergency" and warned of serious consequences if the case is lost at the Supreme Court.
"We’ll see a reverberation like maybe you’ve never seen before," Trump said regarding a potential loss at the nation’s highest court.
The U.S. Court of Appeals for the Federal Circuit ruled Friday that Trump wrongfully invoked emergency law to impose steep tariffs on nations worldwide. The 7-4 decision upheld an earlier ruling by the Court of International Trade.
According to the appeals court, "The statute bestows significant authority on the President to undertake a number of actions in response to a declared national emergency, but none of these actions explicitly include the power to impose tariffs, duties, or the like, or the power to tax."
Despite finding the tariffs illegal, the judges allowed them to remain in place while the case continues through the legal system.
Trump claimed the stock market would go "right through the roof" if he wins the tariff case at the Supreme Court. He also stated that the US would be "laughed at by other countries" if he cannot keep the tariffs in place.
The president added that without the tariffs, the US would become "weak, pathetic and not rich."
Source :
https://www.investing.com/news/stock-market-news/trump-to-appeal-tariff-ruling-to-supreme-court-4219965
