A United States court of appeals ruled that President Donald Trump exceeded his authority under the International Emergency Economic Powers Act (IEEPA) to impose tariffs on foreign nations, confirming a decision by a lower court that declared these duties invalid. In a 7-4 ruling, the court found that Trump lacked authority under the IEEPA to impose indefinite tariffs on imports, stating that the power to do so belongs to Congress. Despite the decision, levies on countries worldwide will remain in effect, as the ruling will not take effect until October 14. In the meantime, the Trump administration can submit an appeal to the US Supreme Court.
Trump blasts tariff ruling, invokes SCOTUS
United States President Donald Trump responded to a court ruling declaring his sweeping reciprocal tariffs illegal by calling it incorrect, and blasting the court as “highly partisan.” The president said the government will use tariffs to the benefit of the country with the help of the US Supreme Court. “ALL TARIFFS ARE STILL IN EFFECT!” Trump wrote on Truth Social shortly after the court decision was published. “If allowed to stand, this Decision would literally destroy the United States of America. At the start of this Labor Day weekend, we should all remember that TARIFFS are the best tool to help our Workers, and support Companies that produce great MADE IN AMERICA products,” he argued, adding that if the duties were removed it would be a “disaster for the Country.” The presidential administration can now take the matter to the Supreme Court, and the tariffs previously imposed on most countries worldwide will remain in effect while the case is pending.
NN: It is a very difficult tricky time tough to price in risk. Markets are missing a lot with mindless tradeing mania the order of the day. That’s why you got this incredible bubble in precious metals because people are headed for the hills. That’s also why people are crazy overvaluing artificial intelligence companies. They have created the biggest bubble stock market ever. And mistaken greed combined with fear is why Bitcoin is soaring to the moon. Everyone can not be right. Let me give you my analysis. One of the key things that trump is doing that’s getting little attention is successfully restoring America’s ability to access foreign markets. For many years America has been flooded with very cheap priced plastic dog shit goods from China. American companies have been excluded from foreign markets by extremely high barriers of massive tariffs. Trump realized that deficiency and is correcting leveling the playing field. Its in fact one of the best things he’s doing. The problem is that America has very much become a house divided against itself. No longer are politicians working together for the good of the country. Their is a great divide between the republicans and the democrats. The liberal lefty politicians are hell bent on destroying Trump, anyway possible. A lot of things that Trump is doing are controversial. For example he’s using his power as presidents for revenge on his political enemies. That’s not a good thing. His misguided peace efforts in Ukraine are failing miserably. His peace treaty with the Hooties is a sick joke. Hamas has not come to the bargaining table and needs to be eliminated . Syrian and Lebanon are still up for grabs as major power shifts are going on. The US budget deficits are soaring and the tariffs revenue have the ability to significantly reduce Americas massive debt burden. Makes you wonder what the opposition politicians are thinking. Fair tariffs have the ability to bring manufacturing and high paying jobs to the US. And bring huge advantages as Americas gets his rightful place as a major manufacturing Innovative Powerhouse. In a improving situation from a trade standpoint I expect golden silver prices to crash. I expect at some point Bitcoin to completely wipe out as a Ponzi scheme that has sucked in the masses. In the meantime a lot of money can be made both ways in bitcoin but it’s a very dangerous game. You’re dancing with the devil. The stock market is the biggest bubble we’ve ever seen. Artificial intelligence is another dot com bubble. Estimates of how much it’ll make and how much it’ll change the world to greatly exaggerated. As often is the case in bubble markets of mass greed its the most target rich environment I’ve ever seen. Remember you’re not going to make any money collecting 10% interest on your savings or your IRA account. The really big life changing money is made in the black swan events. And we got several swans swimming in the pond black ones. You’ve got the gold and silver bubble, you got the Bitcoin bubble, you got the stock market bubble. And you got a greatly underpriced oil market that is not pricing in the Middle East, Iran, Russian and the Venezuelan oil supply risks. The markets are buying into the dream peace deals that will never happen. All I can say is have a nice day and prepare yourself for a huge payday.
