February 20Feb 20 1 hour ago, Talkingbirds said:Supreme Court strikes down Trump's tariffs with $175B on the linehttps://www.dailymail.co.uk/news/article-15577879/supreme-court-donald-trump-tariffs.htmlCan someone explain to me how this works. Is it effective immediately or does it reject it and say they have to be removed by X date.
February 20Feb 20 12 minutes ago, paco said:Can someone explain to me how this works. Is it effective immediately or does it reject it and say they have to be removed by X date.I’m guessing it going to be a complete clusterF.
February 20Feb 20 This kind of answers itNow that the Supreme Court has taken away the bulk of President Donald Trump’s tariff-wielding authority, what does that mean for your prices?"Nothing,” said Stephanie Roth, chief economist at Wolfe Research.That’s because Trump has other tariff levers to pull. The Supreme Court noted other authorities remain available to Trump, including the laws that permitted the administration to raise significant tariffs on steel, aluminum and other imports – all of which remain in place.And even if the administration is ultimately required to refund companies that paid the overturned tariffs (a question that remains unsettled), that doesn’t mean you’ll get a refund for the higher prices you paid for sneakers, furniture or other items that grew more expensive because of Trump’s policies."Companies are highly unlikely to start trimming their prices as a result,” Roth said. "Walmart is not going to give you a check for the 15% tariff on sneakers you bought from them four months ago.”Trump’s tariffs added $1,000 in tax expenses for the average US household in 2025, according to the conservative-leaning Tax Foundation.Erica York, vice president of federal tax policy at the Tax Foundation, said the tariffs that remain in place will still amount to a $400 tax hike per household in 2026.But she noted that many companies paid the tariffs and did not pass the bulk of the tariff costs on to consumers. So prices aren’t likely to fall because of the ruling Friday."There won’t be a dramatic overnight change in prices,” she said.
February 20Feb 20 1 hour ago, paco said:Can someone explain to me how this works. Is it effective immediately or does it reject it and say they have to be removed by X date.I'll try and summarize, but there's a lot here. All the tariffs enacted using the 1977 International Emergency Economic Powers Act ("IEEPA") were struck down by SOCTUS today and are ended immediately. That removes about ~70% of the tariffs Trump put in place, basically all the "Liberation Day" ones. Section 232 tariffs on things like steel, aluminum and auto parts will remain, along with some other Section 301 tariffs on China. Goldman Sachs estimates Trump's actions equated to a 11.4% overall tariff, and this eliminates 7.5%. So Trump announced today a 10% global tariff under Section 122 of the Trade Act of 1974. This is allowed, but notably, these tariffs will expire after 150 days (unless extended by Congress). He can also seek to impose tariffs under Section 301, but this is a much longer process. It requires a country by country analysis to be completed by the USTR (United States Trade Representative) and an attempt at negotiations before imposing tariffs -- historically, these have taken about 12 months, and you have to do one for EACH country. There's also Section 338 to impose tariffs of up to 50% for discrimination against US commerce, but these have never been used before.All in all, Trump will now need to act within the powers specifically designated under the Trade Act of 1974. The process will be longer, unless he goes for 338 -- which the courts may very well strike down again. For now, we have 10% for 150 days.https://taxfoundation.org/blog/presidential-authority-congress-tariffs/
February 20Feb 20 5 minutes ago, vikas83 said:I'll try and summarize, but there's a lot here. All the tariffs enacted using the 1977 International Emergency Economic Powers Act ("IEEPA") were struck down by SOCTUS today and are ended immediately. That removes about ~70% of the tariffs Trump put in place, basically all the "Liberation Day" ones. Section 232 tariffs on things like steel, aluminum and auto parts will remain, along with some other Section 301 tariffs on China. Goldman Sachs estimates Trump's actions equated to a 11.4% overall tariff, and this eliminates 7.5%.So Trump announced today a 10% global tariff under Section 122 of the Trade Act of 1974. This is allowed, but notably, these tariffs will expire after 150 days (unless extended by Congress). He can also seek to impose tariffs under Section 301, but this is a much longer process. It requires a country by country analysis to be completed by the USTR (United States Trade Representative) and an attempt at negotiations before imposing tariffs -- historically, these have taken about 12 months, and you have to do one for EACH country. There's also Section 338 to impose tariffs of up to 50% for discrimination against US commerce, but these have never been used before.All in all, Trump will now need to act within the powers specifically designated under the Trade Act of 1974. The process will be longer, unless he goes for 338 -- which the courts may very well strike down again. For now, we have 10% for 150 days.https://taxfoundation.org/blog/presidential-authority-congress-tariffs/Can trump just put in place some maga cultist for USTR and do the same thing he's doing now?
February 20Feb 20 What a f'ing mess! Who voted for this?? 🤣Yes we would be better off with no leader at all, absolutely. Like the Texans should have just kneeled Stroud every play in the playoffs.
February 20Feb 20 5 minutes ago, Mike030270 said:Can trump just put in place some maga cultist for USTR and do the same thing he's doing now?He did - Jamieson Greer is the USTR. But he still needs to follow the law and do the investigations on each country. If he tries to just rubber stamp in a matter of weeks, it goes back to court and they likely lose.
February 20Feb 20 On the issue of refunds, there are a number of cases that are working their way through the courts. Now that SCOTUS has declared the IEEPA tariffs as invalid, the companies should win these lawsuits and the refunds will likely happen. So the companies will get the money back, not consumers, since the companies are the ones that paid the tariffs.
February 20Feb 20 5 minutes ago, vikas83 said:He did - Jamieson Greer is the USTR. But he still needs to follow the law and do the investigations on each country. If he tries to just rubber stamp in a matter of weeks, it goes back to court and they likely lose.I just picture trump using the middle man (Greer) to tell countries to do this or that otherwise they get a tariff increase. He loves loopholes to get his way
February 20Feb 20 2 minutes ago, vikas83 said:On the issue of refunds, there are a number of cases that are working their way through the courts. Now that SCOTUS has declared the IEEPA tariffs as invalid, the companies should win these lawsuits and the refunds will likely happen. So the companies will get the money back, not consumers, since the companies are the ones that paid the tariffs.As much as I would love to laugh til my ribs crack, this is right here is major sand in the gears for the Us government. A bill that's sure to get passed on to the next administration cuz Trump won't pay it.
February 20Feb 20 12 minutes ago, Mike030270 said:I just picture trump using the middle man (Greer) to tell countries to do this or that otherwise they get a tariff increase. He loves loopholes to get his wayThat may not be necessary -- many countries entered into new trade deals (e.g., Japan) and I doubt they put in a right to terminate based on the SCOTUS ruling. So those deals are still valid. Now, unclear from today's statement/rant/meltdown if his 10% Section 122 tariffs would be on top of the amounts in those deals (that would likely violate the agreements). But the deals that have been signed and approved by respective legislatures should remain in place.
February 20Feb 20 20 minutes ago, vikas83 said:On the issue of refunds, there are a number of cases that are working their way through the courts. Now that SCOTUS has declared the IEEPA tariffs as invalid, the companies should win these lawsuits and the refunds will likely happen. So the companies will get the money back, not consumers, since the companies are the ones that paid the tariffs.You saying we won’t be getting tariff checks? LMFAO
February 20Feb 20 3 minutes ago, vikas83 said:That may not be necessary -- many countries entered into new trade deals (e.g., Japan) and I doubt they put in a right to terminate based on the SCOTUS ruling. So those deals are still valid. Now, unclear from today's statement/rant/meltdown if his 10% Section 122 tariffs would be on top of the amounts in those deals (that would likely violate the agreements). But the deals that have been signed and approved by respective legislatures should remain in place.Except those "deals” were largely just MoU type agreements so the number of fully concluded contracts is going to be small.
February 20Feb 20 3 minutes ago, DrPhilly said:Except those "deals” were largely just MoU type agreements so the number of fully concluded contracts is going to be small.Hence why I said "signed and approved by respective legislatures"Reading...it's fundamental.
February 20Feb 20 2 minutes ago, vikas83 said:Hence why I said "signed and approved by respective legislatures"Reading...it's fundamental.Duh, I saw that and then clarified the actual levels for you which you failed to mention.
February 21Feb 21 5 hours ago, vikas83 said:That may not be necessary -- many countries entered into new trade deals (e.g., Japan) and I doubt they put in a right to terminate based on the SCOTUS ruling. So those deals are still valid. Now, unclear from today's statement/rant/meltdown if his 10% Section 122 tariffs would be on top of the amounts in those deals (that would likely violate the agreements). But the deals that have been signed and approved by respective legislatures should remain in place.They can't claim them void from being placed by the orange idiot?
February 21Feb 21 Cantor Fitzgerald bought tariff refund rights last year at like $0.20 on the dollar lol.The Grant administration could only dream of such grift.
February 21Feb 21 15 minutes ago, Bill said:Cantor Fitzgerald bought tariff refund rights last year at like $0.20 on the dollar lol.The Grant administration could only dream of such grift.The entire Trump term is one big grift
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