- Trump's absurd argument in the US Supreme Court - Tariffs will bring $159 billion in revenue to the US in August alone, and a total investment of $2 trillion- Trump insists on holding a hearing in the Supreme Court as soon as possible so that it can decide on tariffs in the near future - If the Supreme Court rules the tariff decision invalid, America will plunge into an economic crisis: Trump
Washington: If the US President Donald Trump's administration implements the court order, the tariffs imposed on several countries, including India, will end and efforts to establish peace in the Ukraine war through tariffs will fail. Trump said that the tariffs on India are just the beginning, the second and third phases of tariffs on India are yet to come.
Trump had imposed a 25 percent tariff on India from August 7 and another 25 percent tariff on purchases of Russian oil from August 27. Thus, Trump has imposed a total of 50 percent tariff on India and has also threatened to impose another tariff if the purchase of Russian oil continues.
Trump claimed in the US Supreme Court that India's purchase of Russian energy products had become an oil money-making machine for it to continue the war in Ukraine. Therefore, imposing tariffs on India was necessary to bring peace to Ukraine and deter Russia.
The Trump administration told the Supreme Court that it had used the International Emergency Economic Powers Act (IEEPA) against India. The American president and his allies are convinced that the tariffs have protected the American economy and that these tariffs will lead America to prosperity and that without tariffs, America would suffer huge losses and the American economy would have no protection. The only thing that is protecting the American economy is the tariff wall.
Apart from this, due to the tariffs, six of its major trading partners and the European bloc of 27 countries have signed agreements with the US. The reason for this is that two trillion dollars of investment and income are going to come to the US. This will give a boost to the American economy. Due to the tariffs, the US economy had earned $159 billion in income in the month of August alone, which was double the amount of the same period last year. Now if the tariffs are removed, all the agreements made by the US will be null and void and its trading partners will have to be compensated. The biggest loss will be to the US itself. Currently, Trump has been allowed to appeal the Federal Appeals Court's decision by October 14, which he has done. Along with this, Trump has insisted that the Supreme Court should quickly hear his authority to impose tariffs. If this happens, he will not be able to take decisive action on tariffs in the coming days, otherwise no action can be taken in this direction.
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