US President Trump says tariff ruling is deeply disappointing, he is ashamed of certain members of the court; Foreign countries will be happy and dancing, but not for long
Newsquawk Staff ·
Trade
- There are methods that are even strong that are available to him.
- Tariffs have been used to end wars.
- Other methods will be used for tariffs.
- Fentanyl tariffs remain.
- Trump says he is allowed to cut off all trade with a country, is also allowed to impose an embargo. Can do anything he wants, but he can't charge any money.
- Is not happy with the outcome, he has alternatives that have been approved because of this decision.
- Will go in a stronger direction now. Could have done this originally, but chose to go the other way.
- Says he could charge much more than what he was charging.
- Statutes include, trade expansion act, for example, mentions sections 122, 232, 201 and 301 as other ways he can impose tariffs.
- Also mentions section 338, but says this is a longer process.
- Income coming from tariffs will increase.
- Stresses the supreme court did not over rule tariffs, just the use of IEEPA.
- Other statutes can be used, other authorities can be used.
- Effectively immediately, all national security tariffs under 232 and 301 remain in place.
- 10% global tariff to be imposed on other tariffs.
Supreme Court
- Proud of the justices that voted in favour with Trump.
- There is no way anyone can argue with those who dissented.
- Thinks court has been swayed by foreign interests.
What it means
Trump's disappointment with the tariff ruling indicates a potential for renewed trade tensions, which could have broader implications for U.S.-China relations and global market sentiment. His statement about exploring alternative methods to impose tariffs suggests an intention to escalate trade measures, potentially affecting key currency pairs and commodity prices. Overall, this could lead to increased volatility in equities and FX markets as traders react to the prospect of tightening trade conditions.
- Al-Mayadeen correspondent in Iran says Iranian officials believe that Trump wants to bring the nuclear issue into the negotiations, which Iran rejects
- Ukrainian President Zelensky says negotiations between Ukraine, Russia and the US could take place as early as November 10th
- US Midterms (6 days out): Florida flips to a Republican early-vote lead and Kansas narrows further; Crystal Ball shifts House and Senate races towards Democrats
- Israeli election results show Netanyahu's bloc with 53 seats, Eisenkot's bloc with 47 and Arab parties with 19, following the counting of all votes excluding double-envelope ballots, i24 reports
- Atomic Energy Organization of Iran Spokesman says protocol for building small reactors with Russia is being finalized
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