Latest news with #TruthSocial.Trump's
Time of India
4 days ago
- Business
- Time of India
Donald Trump warns: Economic ruination of the US is coming if...
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel US President Donald Trump has warned that if American courts strike down his tariff policy , it could result in the 'economic ruination of the United States of America.' He said that in such a scenario, other countries could use anti-American tariffs to hold the United States hostage."If the Courts somehow rule against us on Tariffs, which is not expected, that would allow other Countries to hold our Nation hostage with their anti-American Tariffs that they would use against us. This would mean the Economic ruination of the United States of America!," Donald Trump posted on Truth warning came shortly after a major legal development. On Thursday, a federal appeals court in Washington reinstated his administration's tariffs on foreign imports, just one day after the U.S. Court of International Trade had ruled that Trump had overstepped his authority under emergency US Court of Appeals for the Federal Circuit issued a temporary stay on the lower court's decision. This means that the tariffs first announced on April 2, which Trump called 'Liberation Day' tariffs, remain in place while the government proceeds with an early April, Trump had announced a sweeping set of tariffs, claiming that the US trade deficit amounted to a national emergency. His plan included a 10% tax on all imports. Countries like China, which run large trade surpluses with the United States, were targeted with even higher tariff many of these proposed tariffs were quickly paused. On May 12, the White House announced that it would scale back the harshest tariffs on China while trying to reach a new trade agreement. Both the United States and China agreed to reduce tariffs on each other temporarily for at least 90 the appeals court's intervention, the U.S. Court of International Trade had found that Trump had unlawfully used the 1977 International Emergency Economic Powers Act (IEEPA) to justify his tariff plan. The three-judge panel said that the IEEPA was designed to address urgent national security threats and could not support wide-ranging tariffs aimed at resolving long-standing trade tariffs are currently being challenged in at least seven separate legal cases. The most recent ruling from the trade court was in response to two suits that had been combined. One was filed by five small businesses, and the other by a coalition of 12 U.S. states. In a related case, U.S. District Judge Rudolph Contreras issued a narrower injunction that protected two educational toy companies based in the trade court's decision, Trump took to social media on Thursday night to denounce the ruling. He said it undermined presidential authority and would be celebrated by America's rivals.'The horrific decision stated that I would have to get the approval of Congress for these Tariffs,' Trump wrote. 'If allowed to stand, this would completely destroy Presidential Power — The Presidency would never be the same! This decision is being hailed all over the World by every Country, other than the United States of America.'In another post on Truth Social, Trump shared an image of himself with a caption that read: 'He's on a mission from God & nothing can stop what is Coming.'
India Today
24-05-2025
- Business
- India Today
Trump targets Samsung after tax threat to Apple for India shift: Wouldn't be fair
It seems Apple is not alone in facing US President Donald Trump's tariff threat. The eccentric US President has also targeted Apple's rival Samsung and warned that the South Korean company would also face a 25% import tax if its phones were not manufactured in to reporters in the White House, Trump said the tariff would apply to any phone manufacturer selling devices in the would be more. It would also be Samsung and anybody that makes that product. Otherwise, it wouldn't be they build their plant here, there is no tariff," Trump said. The remarks came as he stepped up the pressure on Apple to build its iPhones in the country."I have long ago informed Apple CEO Tim Cook that I expect the iPhones that will be sold in the United States of America to be manufactured and built in the United States, not India, or anyplace else. If that is not the case, a tariff of at least 25% must be paid by Apple to the US," Trump said in a post on Truth post saw Apple's shares falling 2.6%, wiping out approximately USD 70 week, Trump expressed his displeasure with Apple over the company's move to manufacture iPhones to be sold in the US at plants in India. The US President's tariff bogey hits the plans of Apple to diversify its production to analysts, around 90% of Apple's smartphones are assembled in China. However, amid the US's trade war with China, Cook said in an earnings call earlier this month that the majority of iPhones sold in the US for the June quarter would "have India as their country of origin", according to Samsung doesn't rely on China for smartphone manufacturing and a majority of its operations take place in India, South Korea, Vietnam, and South Korean tech giant closed its last phone manufacturing factory in China in 2019.
