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Trump said billions of dollars are coming into the US coffers and warned of a ‘1929-style Great Depression’ if the court rules against tariffs
The US President said there is no way America could recover from such a judicial tragedy. (Image: Reuters/File)
US President Donald Trump on Friday defended his move to impose tariffs, saying they have a huge positive impact on the stock market and billions of dollars are coming into the US coffers. However, Trump warned of a ‘1929-style Great Depression’ if the court rules against tariffs.
“If a Radical Left Court ruled against us at this late date, in an attempt to bring down or disturb the largest amount of money, wealth creation and influence the U.S.A. has ever seen, it would be impossible to ever recover, or pay back, these massive sums of money and honor. It would be 1929 all over again, a GREAT DEPRESSION! If they were going to rule against the wealth, strength, and power of America, they should have done so LONG AGO, at the beginning of the case, where our entire Country, while never having a chance at this kind of GREATNESS again, would not have been put in 1929 style jeopardy,” he wrote on Truth Social.
The US President said there is no way America could recover from such a judicial tragedy. “But I know our Court System better than anyone, there is no one in history that has gone through the trials, tribulations and uncertainties such as I, and absolutely terrible, but also amazingly beautiful, things can happen,” he added.
Average US Tariffs Now Highest Since 1910s: WTO, IMF
The US tariff rate now averages 20.1 per cent, the highest level since the early 1910s — except for a brief spike earlier this year — after new duties took effect Thursday, WTO and IMF data showed Friday.
The figure, calculated by the World Trade Organization (WTO) and the International Monetary Fund (IMF), stands in contrast with the 2.4 per cent rate in force at the time of President Donald Trump’s inauguration on January 20.
Trump’s April 2 announcement of “reciprocal” tariffs on the United States’ main trading partners and subsequent escalations, particularly on Chinese goods, briefly drove the average rate to 24.8 per cent in May, a figure unseen since 1904, according to data from the United States International Trade Commission.
A trade “truce” brought down sky-high tariff levels that the United States and China had imposed upon one another, but that is set to expire next week.
(With AFP inputs)
Saurabh Verma covers general, national and international day-to-day news for News18.com as a Senior Sub-editor. He keenly observes politics. You can follow him on Twitter –twitter.com/saurabhkverma19
Saurabh Verma covers general, national and international day-to-day news for News18.com as a Senior Sub-editor. He keenly observes politics. You can follow him on Twitter –twitter.com/saurabhkverma19
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