- cross-posted to:
- world@lemmy.world
- cross-posted to:
- world@lemmy.world
A U.S. federal court on Wednesday blocked President Donald Trump’s “Liberation Day” tariffs from going into effect, ruling that the president overstepped his authority by imposing across-the-board duties on imports from nations that sell more to the United States than they buy.
what does this mean exactly? Like whats gonna happen. Kind of annoying that tariffs are in limbo.
I thought a tenant of a healthy economy was some base modicum of economic stability. With this news its like what the heck? Is this “tariffs go away over night” or “tariffs are now in place sort of, creatinf economic limbo until the Supreme Court eventually makes a decisions and then maybe someone somewhere enforces the decision “ sort of thing
They’re not in limbo per se, as the court issued a summary judgment to plaintiffs and struck the tariffs down. There are no tariffs now. They were illegal. To get them reinstated, Trump has to appeal, the court has to grant review (which only takes one justice, so review will almost certainly be granted), and then has to reverse the ruling. While the tariffs could be reinstated, I think it’s more likely than not that they won’t.
However, your point about economic stability is well taken. I’ll add to your point that the tariffs have already greatly harmed the U.S. by turning much of the world against us. They’ve forced other countries to look for alternative suppliers, and it is unlikely that they will come back, tariffs or not. They have also triggered boycotts of U.S. products.
The best part? All the price hikes announced to date will remain, even if any tariffs paid to date are refunded to every corporation.
This is an intentional effect.