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Yahoo
an hour ago
- Yahoo
Trump's reciprocal tariffs could be struck down as soon as this month — and the administration is warning of economic apocalypse
President Donald Trump and his Justice Department have issued doomsday warnings recently on what would happen if a federal appeals court rules against the administration in a legal challenge to his so-called reciprocal tariffs. James Lucier at Alpha Capital Partners said the court could issue a ruling later this month or next month. The Trump administration sees complete disaster for the U.S. economy if its reciprocal tariffs are struck down, revealing its level of concern as a court is expected to issue a critical decision soon. On July 31, a federal appeals court heard arguments in a case challenging the tariffs' legal basis under the International Economic Emergency Powers Act (IEEPA), and the judges expressed deep skepticism about the administration's side. In a note this past week, James Lucier at Capital Alpha Partners said a decision is expected by the end of September, but could come as soon as late August. A unanimous or near-unanimous ruling could give the Supreme Court cover to avoid taking the case immediately and reject the administration's request to issue a stay that would keep the tariffs in place in the meantime. The dire warnings also represent 'a remarkable change in tune by the administration, which until now has always insisted that it had legal authority to get the deals done one way or another even if the IEEPA tariffs were struck down,' he added. Trump's 'Liberation Day' tariffs helped leverage a series of trade deals, including an agreement with the European Union, which pledged to invest $600 billion in the U.S. and buy $750 billion worth of U.S. energy products, with 'vast amounts' of American weapons in the mix. Similarly, the U.S.-Japan trade deal entails $550 billion of investments from Tokyo. 'Financial ruin' The U.S. hasn't received immediate cash transfers in those amounts. Still, in a letter to the U.S. Court of Appeals for the Federal Circuit on Monday, Justice Department officials suggested the government would suddenly owe everyone money—leading to catastrophe. 'The President believes that our country would not be able to pay back the trillions of dollars that other countries have already committed to pay, which could lead to financial ruin,' wrote Solicitor General D. John Sauer and Assistant Attorney General Brett Shumate. They also warned that unwinding the trade deals would lead to a '1929-style result.' That echoed a post from Trump on Truth Social days earlier, when he predicted another Great Depression would hit America if the court rules against his tariffs. Sauer and Shumate turned up the volume even higher in their subsequent letter, elaborating further on the depression warning. 'In such a scenario, people would be forced from their homes, millions of jobs would be eliminated, hard-working Americans would lose their savings, and even Social Security and Medicare could be threatened,' they wrote. 'In short, the economic consequences would be ruinous, instead of unprecedented success.' 'The president is in a jam' To be sure, the government has generated significant tariff revenue since April, and importers who paid the reciprocal duties could seek reimbursement if they are struck down. But that's only about $100 billion and also includes revenue from sectoral tariffs that were imposed under a separate legal basis that's not at risk. 'The real problem, the letter implies, is that Trump does not have legal authority to replicate the IEEPA tariffs under other tariff statutes if the court strikes the IEEPA tariffs down,' Lucier explained. 'In other words, the president is in a jam because if the court strikes down the IEEPA tariffs, his trade deals have no legal basis.' A note from Yardeni Research on Wednesday also pointed out that the administration is becoming increasingly concerned about losing the court case. The letter from the Justice Department officials appears to anticipate that they will lose the case as they are asking for a stay if the court goes against them. There will be 'messy' consequences if reciprocal tariffs are struck down, according to Yardeni, as Trump needs the revenue from tariffs to reduce the budget deficit and help to lower bond yields. 'If he loses in court, these yields might move higher. Stock prices might decline on this news initially due to a new round of policy uncertainty,' the note said. 'So the dire tone in the letter is understandable, even though it is a wee bit over the top.' This story was originally featured on
Fox News
an hour ago
- Fox News
Judge Jeanine Pirro on DC crime crackdown: Rights aren't being violated, they're being protected
U.S. Attorney for D.C. Judge Jeanine Pirro shares her thoughts on the 'enormous' amount of crime in the nation's capital, especially at the hands of juveniles, and what her office is doing to clean it up on 'My View.'
Yahoo
3 hours ago
- Yahoo
Wall Street banks race to win Trump admin's favor for massive Fannie Mae, Freddie Mac IPO deal
Several Wall Street banks are pitching President Donald Trump about handling the initial public offering (IPO) of Fannie Mae and Freddie Mac, sources told FOX Business Network's Maria Bartiromo. Bartiromo reported Friday morning on "Mornings with Maria" that, "Wall Street banks are cozying up to President Trump right now because they want the business of the Fannie and Freddie IPOs if that's where this is going." "My sources tell me there are a number of banks who are visiting the White House to try to get President Trump to give them the business to take Fannie Mae public again as they sell their stakes," Bartiromo said. "I can confirm that Bank of America and its leadership was in the Oval Office last week. Citigroup and its leadership was in the Oval Office last week. JPMorgan wants the business, Goldman Sachs wants the business – they all want the IPO," she said. Us Regulator Directs Fannie Mae, Freddie Mac To Consider Cryptocurrency As An Asset Bartiromo reported that the deal is expected to happen in the fall or winter of 2025 and that the administration is focused on getting a return on its investments in Fannie and Freddie, rather than on raising capital for the entities. Read On The Fox Business App Bartiromo said that the initial sale of the government's stake in Fannie Mae and Freddie Mac could be upward of $30 billion or more. That amount would be roughly the size of the IPO of Saudi Aramco, which brought in proceeds of more than $29 billion. Treasury's Bessent Says Fixing Housing Affordability Crisis Will Be One Of His 'Big Projects' This Fall She discussed the potential IPOs during Thursday's episode of "Mornings with Maria" during an interview with Treasury Secretary Scott Bessent, who said that "it will depend on the size of the stake and the overall valuation of the companies." "We are examining all the options in terms of how to proceed. We've had lots of banks coming through. The president is very engaged with this. The housing market is obviously very important in the U.S., we've got an affordability crisis," Bessent said. "There are two pieces here, Maria: How can we maximize the value for the U.S. taxpayer with Fannie and Freddie? On the other side, how can we keep mortgage rates – the spread between mortgages and Treasuries – flat or even bring that down to address this terrible affordability crisis in housing that developed during the Biden administration," Bessent said. Trump Considers Taking Mortgage Giants Fannie Mae And Freddie Mac Public Fannie Mae and Freddie Mac are government-sponsored enterprises that play a key role in the mortgage market by providing liquidity to lenders and guaranteeing many of the mortgages in the U.S., which reduces risk for lenders and investors. Fannie and Freddie purchase mortgages from lenders and either hold them within their portfolios or bundle those loans into mortgage-backed securities (MBS) that can be sold to investors. The National Association of Realtors noted that they support about 70% of the U.S. mortgage market through this process. The two entities were created under congressional charters and operated as private companies until the housing market deteriorated in the 2007-08 financial crisis that threatened the solvency of Fannie Mae and Freddie Mac, prompting a federal bailout to the tune of $191 billion. Fannie and Freddie were taken into conservatorships by the Federal Housing Finance Agency in 2008 amid the financial crisis to reduce losses, stabilize the firms' operating structures and eventually end the conservatorship by re-privatizing them. The two government-sponsored enterprises have since returned to profitability. The Congressional Research Service noted that Fannie and Freddie paid dividends totaling more than $301 billion to the Treasury as of July article source: Wall Street banks race to win Trump admin's favor for massive Fannie Mae, Freddie Mac IPO deal Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
