Trump's DOJ peddles grim fantasies in court filing to save tariffs
On Monday, the Justice Department basically copied and pasted a hysterical plea from Donald Trump's Truth Social account, in which the president claimed the country would experience another Great Depression if the U.S. Court of Appeals for the Federal Circuit confirms and enforces a May decision from a Court of International Trade panel that found many of Trump's tariffs on foreign countries were illegal. Judges at the appeals court have already expressed skepticism about the Trump administration's arguments.
In a letter to the court, Solicitor General John Sauer and Assistant Attorney General Brett Shumate argued that even if the judges agree that some of Trump's tariffs are illegal, they should hold off on enforcing its decision while the administration appeals to the Supreme Court. And the letter was replete with Trumpian self-praise and propaganda:
There is no substitute for the tariffs and deals that President Trump has made. One year ago, the United States was a dead country, and now, because of the trillions of dollars being paid by countries that have so badly abused us, America is a strong, financially viable, and respected country again. If the United States were forced to pay back the trillions of dollars committed to us, America could go from strength to failure the moment such an incorrect decision took effect.
These deals for trillions of dollars have been reached, and other countries have committed to pay massive sums of money. If the United States were forced to unwind these historic agreements, the President believes that a forced dissolution of the agreements could lead to a 1929-style result. 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.
The country, of course, wasn't 'dead' a year ago — though it has teetered on the brink of recession under Trump and continues to suffer the impact of his protectionist agenda. For instance, U.S. companies paying these tariffs have started passing the costs on to consumers.
There's also no guarantee that Trump's trade agreements will ever bring in trillions of dollars, in part because, as my colleague Steve Benen recently noted, it's still an open question whether some of the agreements are even legally binding or enforceable. And it's certainly rich for Trump's DOJ to warn about purported threats to jobs, Medicare and Social Security when his administration has gutted the federal workforce and he recently signed a budget that includes massive cuts to Medicare and Social Security benefits.
In reality, there's no evidence that outlawing Trump's tariffs would destroy the economy. To the contrary, many American consumers and companies would probably breathe a sigh of relief if they were freed from the dictatorial whim of their wannabe king and the tariff-induced taxes effectively placed on various goods. It's a sign of desperation that the administration is relying on scare tactics to claim otherwise.
This article was originally published on MSNBC.com
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
26 minutes ago
- Yahoo
Sprinklr, Procore, Alarm.com, and Pegasystems Stocks Trade Up, What You Need To Know
What Happened? A number of stocks jumped in the afternoon session after the SaaS sector continued to rally as favorable inflation data bolstered hopes for a Federal Reserve interest rate cut. This optimism was largely driven by a benign July Consumer Price Index (CPI) report, which solidified investor expectations for a Federal Reserve interest rate cut. Following the release of the inflation data, which showed a year-over-year increase of 2.7%, the probability of a rate cut in September surged to over 96%. Lower interest rates are typically beneficial for growth-oriented technology stocks, as they can reduce borrowing costs and increase the present value of future earnings. Adding to the positive sentiment was a 90-day delay in the imposition of higher tariffs on Chinese goods, which reduced trade-related uncertainty for the technology sector. The stock market overreacts to news, and big price drops can present good opportunities to buy high-quality stocks. Among others, the following stocks were impacted: Customer Experience Software company Sprinklr (NYSE:CXM) jumped 3.4%. Is now the time to buy Sprinklr? Access our full analysis report here, it's free. Design Software company Procore (NYSE:PCOR) jumped 3.4%. Is now the time to buy Procore? Access our full analysis report here, it's free. Vertical Software company (NASDAQ:ALRM) jumped 4.4%. Is now the time to buy Access our full analysis report here, it's free. Automation Software company Pegasystems (NASDAQ:PEGA) jumped 3.2%. Is now the time to buy Pegasystems? Access our full analysis report here, it's free. Zooming In On (ALRM) shares are not very volatile and have only had 5 moves greater than 5% over the last year. In that context, today's move indicates the market considers this news meaningful, although it might not be something that would fundamentally change its perception of the business. is down 3.1% since the beginning of the year, and at $57.95 per share, it is trading 15.8% below its 52-week high of $68.81 from December 2024. Investors who bought $1,000 worth of shares 5 years ago would now be looking at an investment worth $1,012. Unless you've been living under a rock, it should be obvious by now that generative AI is going to have a huge impact on how large corporations do business. While Nvidia and AMD are trading close to all-time highs, we prefer a lesser-known (but still profitable) semiconductor stock benefiting from the rise of AI. Click here to access our free report on our favorite semiconductor growth story. 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
Yahoo
26 minutes ago
- Yahoo
Sam Altman To Back Merge Labs, Neuralink Rival
Microsoft (NASDAQ:MSFT)-backed OpenAI co-founder Sam Altman is gearing up to back Merge Labs, a new brain-computer interface startup that could go head-to-head with Elon Musk's Neuralink, the Financial Times reported. Merge Labs is raising about $250 million at an 850Million valuation, with a big chunk expected from OpenAI's ventures arm. Altman is not putting in personal money and will not run day-to-day. He is launching the project with Alex Blania, who leads World, and the plan is ambitious: build advanced neural implants that link human cognition with AI. Warning! GuruFocus has detected 7 Warning Sign with MSFT. The move adds another chapter to the Altman-Musk rivalry since Musk left OpenAI in 2018 and signals rising investor appetite for invasive neurotech. It also brings real-world hurdles. This space needs careful clinical testing, ethical guardrails and an FDA pathway before anything reaches broad use. This article first appeared on GuruFocus.
Yahoo
26 minutes ago
- Yahoo
Back to Basics for Activists: ICR Global Head of Governance Gabriel Hasson, Live at Nasdaq
CorpGov hosted a fireside chat on August 12 at Nasdaq MarketSite with Gabriel Hasson, Global Head of Governance and Shareholder Advisory, Managing Director at ICR. The in-person interview was joined by Editor-in-Chief John Jannarone and they discussed why activists are going back to basics and what it means in practice, what companies get consistently wrong about IPO prep, and the experience he brings to his new role at ICR. Watch the interview below, or click : About ICR Founded in 1998 by three former Wall Street analysts and lifelong collaborators, ICR was built to develop and deliver impactful strategic communications and advisory solutions for companies at every stage of growth. In the decades since, we've earned recognition globally for our expertise in public relations, investor relations, corporate and capital markets advisory solutions and our unparalleled ability to provide coordinated, sector-focused solutions to leaders in every industry for every complex scenario. More at About Gabriel Hasson Gabriel Hasson is the Global Head of Governance & Shareholder Advisory at ICR, where he helps companies navigate the intersection of corporate governance, shareholder engagement, and capital markets strategy. He advises boards and executives on assessing, improving, and communicating governance practices tied to material governance, environmental, and social risks and opportunities. His team also supports and executes shareholder engagement, helping clients build investor trust and respond to activism, M&A, and other high-stakes situations. Gabe has advised public companies and institutional investors on high-stakes shareholder matters including contested director elections, activism defense, executive compensation and equity plan scrutiny, board and leadership transitions, and proxy season preparation. His experience spans sectors such as healthcare, technology, energy, consumer goods, and financial services, with mandates covering Fortune 500 companies in the U.S. and Canada and leading issuers across Latin America and other emerging markets, particularly around governance, environmental, and social risks tied to long-term value creation. Prior to joining ICR, Gabe was an Investment Stewardship Director at BlackRock, overseeing a portfolio of over $400 billion across the U.S., Canada, and Latin America. Earlier, he was an M&A attorney advising global corporations on complex cross-border transactions and held senior roles at Institutional Shareholder Services (ISS) and Deloitte, where he counseled federal governments and Fortune 500 clients on shareholder engagement, corporate governance, sustainability, and stewardship priorities. Gabe holds a law degree from Universidad Panamericana, a certificate in U.S. Law from The George Washington Law School, a master's in international public policy from Johns Hopkins SAIS, and a certificate in corporate finance from Cornell University. Gabe currently serves on the Public Policy Committee of the International Corporate Governance Network (ICGN) and is an advisory board member of BH Compliance. READ MORE LA CorpGov Forum Sept 4: Featuring Sports, Entertainment & International Business Register for our weekly newsletter Contact:Click to follow us on LinkedIn The post Back to Basics for Activists: ICR Global Head of Governance Gabriel Hasson, Live at Nasdaq appeared first on CorpGov.