Trump says US court ruling against tariff authority 'would be 1929 all over again' [View all]

(Yahoo Finance) President Trump on Friday said a potential US court ruling denying his authority to impose a wide range of global tariffs could have devastating impacts on the US economy.

"If a Radical Left Court ruled against us at this late date, in an attempt to bring down or disturb the largest amount of money, wealth creation and influence the U.S.A. has ever seen, it would be impossible to ever recover, or pay back, these massive sums of money and honor," Trump said in a post on Truth Social. "It would be 1929 all over again, a GREAT DEPRESSION!"

Data from the Treasury Department showed the government brought in $26.6 billion in customs duties in June, an increase from $22.2 billion in May, bringing the tally for the government's fiscal year to $108 billion. Final figures from Treasury for July's tariff-related haul are expected next week. A court ruling could force the government to pay back these receipts.

Multiple challenges to Trump's tariffs are pending in US federal courts, specifically related to the president's use of the International Emergency Economic Powers Act or "IEEPA," which says presidents have authority to "regulate importation" to address a national economic emergency.

https://finance.yahoo.com/news/trump-says-us-court-ruling-against-tariff-authority-would-be-1929-all-over-again-173011058.html