3 days ago
Trump warns of '1929-style Depression' if court rules against his tariffs
US President Donald Trump on Friday claimed his tariff policies are driving record gains in the stock market and bringing 'hundreds of billions of dollars' into the country's coffers, warning that a court ruling against him could plunge America into a '1929-style Great Depression.'In a lengthy post, Trump said tariffs were having a 'huge positive impact' on the economy, with 'new records set almost every day.' He cautioned that if a 'Radical Left Court' ruled against his administration at this stage, it would be 'impossible to ever recover' from the resulting economic would be 1929 all over again, a GREAT DEPRESSION!' Trump wrote, adding that such a decision would wipe out the 'wealth, strength, and power of America' and undo the gains made under his leadership.
Trump insisted that the courts should have ruled earlier in the case if they intended to block his policies, arguing that the US now stood to lose its 'chance at greatness' if the decision went against him. 'Our country deserves success and greatness, not turmoil, failure, and disgrace. God bless America!' he new tariffs on US imports from dozens of countries went into effect on will now face an additional 25% duty on certain imports over its purchases of Russian oil, taking the total tariff rate to 50%. Exporters say the move will impact nearly 55% of outbound shipments to the US and threaten long-standing trade relationships.'Absorbing this sudden cost escalation is simply not viable. Margins are already thin,' SC Ralhan, president of the Federation of Indian Export Organizations, was quoted as saying by the Associated new rates took effect just after midnight, covering goods from more than 60 countries and the European Union. Imports from the EU, Japan, and South Korea now face 15% tariffs, while products from Taiwan, Vietnam, and Bangladesh are taxed at 20%.Trump also announced 100% tariffs on computer chips and higher rates on pharmaceuticals, saying the US is 'taking in hundreds of billions of dollars in tariffs' and predicting 'unprecedented' however, warn of slowing hiring, rising inflation, and falling home prices since the initial rollout in April. Germany's industrial production fell 1.9% in June, and Switzerland failed in a last-minute bid to avert 39% tariffs on its markets have shown resilience so far — the S&P 500 has climbed more than 25% since April — but analysts caution the adverse effects could take time to surface.- EndsTune InMust Watch
