Trump's Trade Vision Prevails Despite China's Deceptions

Yahoo

2 days ago

(The Center Square) – President Donald Trump accused China on Friday of breaking a short-term trade deal with the U.S.
Earlier this month, the two countries reached a 90-day deal to reduce high tariffs on trade between the world's two largest economies. The global superpowers agreed to slash tariffs that had been so high that nearly all trade between the two nations stopped. The U.S. reduced its tariffs on China from 145% to 30% while the two nations continued to talk. China cut its levies on U.S. imports from 125% to 10%.
'China, perhaps not surprisingly to some, HAS TOTALLY VIOLATED ITS AGREEMENT WITH US. So much for being Mr. NICE GUY!' Trump wrote on Truth Social.
U.S. markets retreated on the news in what has been a challenging month for investors.
Trump also lashed out at the three judges on the U.S. Court of International Trade who unanimously ruled on Wednesday that Congress did not give tariff authority to the president under the International Emergency Economic Powers Act of 1977. That court voided most of Trump's tariffs, but the administration appealed the decision to a higher court, which paused the Court of International Trade ruling for now.
'Where do these initial three Judges come from? How is it possible for them to have potentially done such damage to the United States of America?' Trump wrote on Truth Social. 'Is it purely a hatred of 'TRUMP?' What other reason could it be?'
The Court of International Trade said the International Emergency Economic Powers Act of 1977 didn't give Trump 'unbounded' authority to set tariffs. The ruling was a setback for Trump's foreign and domestic policy agenda, which is underpinned by tariffs.
'Worldwide and Retaliatory Tariffs do not comply with the limitations Congress imposed upon the President's power to respond to balance-of-payments deficits,' the Court of International Trade judges wrote. 'The President's assertion of tariff-making authority in the instant case, unbounded as it is by any limitation in duration or scope, exceeds any tariff authority delegated to the President under IEEPA.'
On Thursday, the Trump administration filed an emergency motion asking for a stay.
'The injunction threatens to unwind months of foreign policy decision-making and sensitive diplomatic negotiations, at the expense of the Nation's economic well-being and national security,' DOJ attorneys wrote.
The appeals court granted the stay Thursday afternoon.
'The ruling by the U.S. Court of International Trade is so wrong, and so political!' Trump wrote. 'Hopefully, the Supreme Court will reverse this horrible, Country threatening decision, QUICKLY and DECISIVELY. Backroom 'hustlers' must not be allowed to destroy our Nation!'
Trump made it clear he didn't want to work with Congress on tariffs.
'The horrific decision stated that I would have to get the approval of Congress for these Tariffs. In other words, hundreds of politicians would sit around D.C. for weeks, and even months, trying to come to a conclusion as to what to charge other Countries that are treating us unfairly,' Trump wrote. 'If allowed to stand, this would completely destroy Presidential Power – The Presidency would never be the same!'