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Trump threatens ‘more powerful and obnoxious’ tariffs, amid confusion in UK and EU; Wall Street drops – business live
Donald Trump has declared that he can use tariffs in a ‘much more powerful and obnoxious way’ than he has thus far.
Posting on his Truth Social network, the US president again attacked the supreme court for ruling against his sweeping global tariffs last Friday – calling them ‘incompetent’.
He also claims the justices have ‘‘accidentally and unwittingly’ expanded his presidential powers on tariffs.
double quotation markThe supreme court (will be using lower case letters for a while based on a complete lack of respect!*) of the United States accidentally and unwittingly gave me, as President of the United States, far more powers and strength than I had prior to their ridiculous, dumb, and very internationally divisive ruling.
Mad king: Trump just lost his superpower
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Donald Trump lost his superpower last week, with the US Supreme Court applying the kryptonite.
Since regaining the presidency last year, Trump has wielded the International Emergency Economic Powers Act (IEEPA) as a multipurpose weapon, using it and the tariffs he imposed to not just force countries into extremely one-sided trade deals, but as geopolitical leverage.
Whether it was to coerce countries – including, indeed particularly, former close US allies – into massive trade and investment concessions under the threat of punitive tariff rates, or punishing Brazil for imprisoning his friend and ideological ally, Jair Bolsonaro, threatening Switzerland because he didn’t like the tone of a conversation with its president or European countries for not simply handing over Greenland, Trump weaponised IEEPA.
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