President Trump told reporters on Thursday that the Supreme Court’s ruling on his authority to impose tariffs on foreign imports could cost the United States trillions of dollars if they don’t overturn the Court of International Trade’s May ruling that the President does not have the authority to impose tariffs.
“I don’t want to talk about it. I’m going to hope that we win,” he told reporters on Thursday when asked if he plans to impose any new tariffs before the Supreme Court rules.
“I can’t imagine that anybody would do that kind of devastation to our country.”
President Trump invoked his authority under the International Emergency Economic Powers Act of 1977 (IEEPA) when he declared a national emergency to reduce the US trade deficit.
But the Court of International Trade in New York said President Trump exceeded his authority to impose tariffs under IEEPA in May. The Department of Justice immediately appealed, and the United States Court of Appeals for the Federal Circuit sided with the lower court in August.
Now, the case is before the Supreme Court to determine whether or not the President of the United States is allowed to exercise his lawful authority.
After striking a plethora of trade deals to reduce tariffs on US exports and introduce reciprocity in trade relationships, as well as generating trillions of dollars in tariff revenue, Trump told reporters, “we’d have to pay back trillions of dollars.”
“We’ve taken in trillions. We haven’t taken in billions. We’ve taken in trillions of dollars,” he said. “We’ve made trade deals based on that that give us, as an example, European Union, $950 billion; Japan, $650 billion; South Korea, $350 billion.”
WATCH:
Reporter: Before the Supreme Court issues a ruling, it could be several weeks, are you going to lay out any new additional tariffs before?
Trump: I don’t want to talk about it. I’m going to hope that we win. I can’t imagine that anybody would do that kind of devastation to our country. You know, we’d have to pay back trillions of dollars. We’ve taken in trillions. We haven’t taken in billions. We’ve taken in trillions of dollars.
We’ve made trade deals based on that that give us, as an example, European Union, $950 billion; Japan, $650 billion; South Korea, $350 billion. Without this, we’re not talking about that kind of money. And they’re okay. They’re satisfied. They love us. I just left. They all love us. So, it’s not like we’re such bad people, but they were doing it to us until I came along.
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