Tariffs in the news
- Thread starter Diogenes
- Start date
A short time ago, I arrived back at @USTreasury after watching arguments before the U.S. Supreme Court on the International Emergency Economic Powers Act (IEEPA).
U.S. Solicitor General D. John Sauer presented strong, persuasive arguments on the necessity of using IEEPA tariff authority to confront the emergencies President Trump has declared.
More importantly, the plaintiffs’ attorneys, Neal Katyal and Benjamin Gutman, espoused arguments that reflected foundational misunderstandings and misrepresentations about the Trump Administration’s trade goals.
Using IEEPA, President Trump has sought to rebalance decades of unfair trade against the United States that has brought us to a tipping point.
The goal of his agenda is bringing back manufacturing and balancing the crisis-level deficits and trade barriers with our global trading partners.
The tariff income is incidental to these urgent goals – not the underlying reason for their application.
In fact, as I have said many times, as the terms of trade are made more fair, U.S. manufactured items will replace imported goods.
Tariff revenues will shrink, and U.S. domestic tax receipts will surge.
Showing their dramatic lack of economic understanding, Messrs. Katyal and Gutman argued that a President does have the authority to impose an embargo or quotas on other countries because those actions do not affect government revenues. Of course, they do. What embarrassing statements to make in front of SCOTUS.
Furthermore, in a statement bordering on the absurd, Oregon Solicitor General Gutman said that he believes IEEPA gives POTUS authority to impose a full embargo on a country but not a 1% tariff.
President Trump has used the IEEPA authority to address the fentanyl crisis, bring us back from the edge on trade policy, secure rare earths from China, and curtail the purchases of Russian oil – all urgent national security issues.
Economic Security is National Security, and IEEPA provides a powerful tool for President Trump to protect our people, our economy, and our nation.
View: https://x.com/SecScottBessent/status/1986188114310930799
U.S. Solicitor General D. John Sauer presented strong, persuasive arguments on the necessity of using IEEPA tariff authority to confront the emergencies President Trump has declared.
More importantly, the plaintiffs’ attorneys, Neal Katyal and Benjamin Gutman, espoused arguments that reflected foundational misunderstandings and misrepresentations about the Trump Administration’s trade goals.
Using IEEPA, President Trump has sought to rebalance decades of unfair trade against the United States that has brought us to a tipping point.
The goal of his agenda is bringing back manufacturing and balancing the crisis-level deficits and trade barriers with our global trading partners.
The tariff income is incidental to these urgent goals – not the underlying reason for their application.
In fact, as I have said many times, as the terms of trade are made more fair, U.S. manufactured items will replace imported goods.
Tariff revenues will shrink, and U.S. domestic tax receipts will surge.
Showing their dramatic lack of economic understanding, Messrs. Katyal and Gutman argued that a President does have the authority to impose an embargo or quotas on other countries because those actions do not affect government revenues. Of course, they do. What embarrassing statements to make in front of SCOTUS.
Furthermore, in a statement bordering on the absurd, Oregon Solicitor General Gutman said that he believes IEEPA gives POTUS authority to impose a full embargo on a country but not a 1% tariff.
President Trump has used the IEEPA authority to address the fentanyl crisis, bring us back from the edge on trade policy, secure rare earths from China, and curtail the purchases of Russian oil – all urgent national security issues.
Economic Security is National Security, and IEEPA provides a powerful tool for President Trump to protect our people, our economy, and our nation.
View: https://x.com/SecScottBessent/status/1986188114310930799