Economic News Thread | Trump considers declaring Economic Emergency (to declare tariffs)
- Thread starter nycfan
- Start date
- Replies: 666
- Views: 16K
- Politics
- Messages
- 10,310
“… Farmers in the top cocoa-producing region of the world are reseeding their lands because of a mixture of bad weather, failed government policies—many of which were aimed at helping farmers—and a fast-moving virus that has ravaged their plants. …”
Stock up on your fave chocolate, I guess.
- Messages
- 10,310
Trump is considering a national economic emergency declaration to allow for new tariff program, sources say
“President-elect Donald Trump is considering declaring a national economic emergency to provide legal justification for a large swath of universal tariffs on allies and adversaries, four sources familiar with the matter told CNN, as Trump seeks to reset the global balance of trade in his second term.
The declaration would allow Trump to construct a new tariff program by using the International Economic Emergency Powers Act, known as “IEEPA,” which unilaterally authorizes a president to manage imports during a national emergency. …”
——
Dictator for a day?
- Messages
- 10,310
Continued
“… Trump, one of the sources noted, has a fondness for the law, since it grants wide-ranging jurisdiction over how tariffs are implemented without strict requirements to prove the tariffs are needed on national security grounds.
… In 2019, Trump used IEEPA to threaten a 5% tariff on all Mexican imports that would rise to 25% if Mexico declined to take action to reduce the number of undocumented immigrants crossing the border with the United States.
… Trump’s advisers are evaluating the possibility of using section 338 of US trade law, which allows a president to impose “new or additional duties” against countries deemed to be discriminating against the commerce of the United States. In those cases, trade law permits the president to impose new tariffs in direct reciprocation against those countries in specific product categories – though it’s been untested in recent history.
…
If Trump opted to declare a national economic emergency, which could be put into effect quickly, it’s unclear what evidence he would cite. During a press conference on Tuesday, Trump acknowledged the inherent strength of the economy, criticizing inflation but also saying, “Over the next four years the United States is going to take off like a rocket ship. But really it’s already doing it.” Trump pointed to surging economic approval ratings in recent polls.
Supporters of the tariffs say they’re essential for boosting US manufacturing.
“The Trump team understands we have to rebuild our industrial capacity for reasons of economic and national security, and it will be good for communities and American workers,” said Nick Iacovella, Senior Vice President, Coalition for a Prosperous America. “To accomplish those goals, you absolutely have to have a robust, pro-American trade policy that includes tariffs.” …”
“… Trump, one of the sources noted, has a fondness for the law, since it grants wide-ranging jurisdiction over how tariffs are implemented without strict requirements to prove the tariffs are needed on national security grounds.
… In 2019, Trump used IEEPA to threaten a 5% tariff on all Mexican imports that would rise to 25% if Mexico declined to take action to reduce the number of undocumented immigrants crossing the border with the United States.
… Trump’s advisers are evaluating the possibility of using section 338 of US trade law, which allows a president to impose “new or additional duties” against countries deemed to be discriminating against the commerce of the United States. In those cases, trade law permits the president to impose new tariffs in direct reciprocation against those countries in specific product categories – though it’s been untested in recent history.
…
If Trump opted to declare a national economic emergency, which could be put into effect quickly, it’s unclear what evidence he would cite. During a press conference on Tuesday, Trump acknowledged the inherent strength of the economy, criticizing inflation but also saying, “Over the next four years the United States is going to take off like a rocket ship. But really it’s already doing it.” Trump pointed to surging economic approval ratings in recent polls.
Supporters of the tariffs say they’re essential for boosting US manufacturing.
“The Trump team understands we have to rebuild our industrial capacity for reasons of economic and national security, and it will be good for communities and American workers,” said Nick Iacovella, Senior Vice President, Coalition for a Prosperous America. “To accomplish those goals, you absolutely have to have a robust, pro-American trade policy that includes tariffs.” …”
lawtig02
Iconic Member
- Messages
- 1,956
I would certainly like to see his articulation of the emergency that justifies this enormous expansion of executive power. I’m guessing he doesn’t even bother to give us one.
ChileG
Esteemed Member
- Messages
- 707
what a fucking dumbass
superrific
Inconceivable Member
- Messages
- 3,837
I don't care. I hope he does as many tariffs as he needs to get erect.
The FO stage is required for the FA to end.