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Trump’s Executive Overreach on Tariffs Is as Bad as Biden’s on Student Aid

Emergency? What emergency?

Trump and the International Emergency Economic Powers Act

Anyone with an ounce of commons sense knows Trump is fabricating emergencies for his sweeping tariffs.

Biden tried similar strategies to cancel student debt.

Please recall the Supreme Court ruled Biden “lacked the authority under the HEROES to unilaterally cancel debt and that such sweeping policy changes needed explicit Congressional approval.

Biden tried a second time and failed again. Let’s now turn back to Trump.

Trump’s Tariffs Are a Major Legal Question

Please consider Trump’s Tariffs Are a Major Legal Question by Paul Sracic in a Wall Street Journal op-ed.

President Trump relied on the International Emergency Economic Powers Act to impose last week’s reciprocal tariffs, some of which are as high as 49%. This expansion of executive authority clearly oversteps the boundaries set by the Supreme Court’s major questions doctrine. Prominent in recent judicial rulings, the doctrine holds that federal agencies—and the executive branch—can’t make decisions of vast economic and political significance without clear congressional authorization.

IEEPA, enacted in 1977, was intended to rein in what Congress considered overuse of the Trading with the Enemies Act. Under IEEPA, the president retained broad authority to regulate international economic transactions during a declared national emergency. The law’s purpose was to address genuine crises—like foreign aggression or economic sabotage—not to serve as a catch-all to implement domestic policy preferences. Mr. Trump’s reciprocal tariffs stretch IEEPA beyond its intended scope, sidestepping Congress’s constitutional authority over trade and taxation. This undermines the separation of powers and sets a dangerous precedent for unchecked executive overreach—precisely the problem the major questions doctrine seeks to remedy.

Since 2022 the Supreme Court has been clear: When an agency (or the executive) claims authority to resolve a “major question”—a policy issue with “vast economic and political significance”—it must point to clear congressional intent. Tariffs—which reshape global trade, potentially cost American consumers billions, and disrupt entire industries—certainly qualify as major questions.

Mr. Trump’s tariffs aren’t regulatory tweaks; they are transformative economic policies with far-reaching consequences. IEEPA’s text offers no clear mandate for such sweeping actions. It authorizes the president to “deal with any unusual and extraordinary threat” to national security, economy or foreign policy, but its focus is on specific transactions—like freezing assets or blocking trade with hostile entities—not rewriting trade policy writ large. Yet Mr. Trump’s tariffs ostensibly address a “threat” that includes allies and adversaries alike. In introducing the tariffs Mr. Trump acknowledged as much, arguing that “in many cases the friend is worse than the foe.”

By employing this statute, Mr. Trump claimed a unilateral power to tax and regulate commerce—powers the Constitution vests in Congress under Article I, Section 8. The Supreme Court has signaled skepticism toward such executive improvisation. In West Virginia v. EPA (2022) the Court struck down the Obama Environmental Protection Agency’s Clean Power Plan, ruling that the agency couldn’t overhaul the energy sector without explicit congressional approval.

The parallels to Mr. Trump’s tariffs are striking: Both incidents involve an executive entity leveraging vague statutory language to enact policies of “vast economic and political significance.” The calculation used by the Trump administration to determine tariff rates resembles the “complex equations” that guided the emissions standards the EPA had placed on states such as West Virginia.

Even when granting emergency powers via IEEPA, however, lawmakers intended a narrow scope—think of President Carter freezing Iranian assets during the hostage crisis, not blanket tariffs on friendly nations.

Mr. Trump’s approach flips this dynamic, treating Congress as a bystander while the president wields emergency powers as a first resort. The Supreme Court, in cases such as Youngstown Sheet & Tube Co. v. Sawyer (1952), has historically rebuked such overreach, denying, in that case, President Truman’s seizure of U.S. steel mills absent congressional backing. Mr. Trump’s tariffs, though less dramatic than a seizure, similarly encroach on legislative turf.

The implications extend beyond Mr. Trump. If IEEPA authorizes these tariffs, future presidents could invoke the act for any policy framed as mitigating an “emergency.”

The Trump administration complains about judicial overreach. Mr. Trump has even called for the impeachment of certain judges. But by pushing the limits of executive authority, Mr. Trump’s tariffs violate constitutional norms and invite judicial pushback. The solution is simple: Congress must reclaim its role as the arbiter of trade policy. Mr. Trump would likely wield his veto pen in response to any congressional action, so it will fall to the Supreme Court to enforce its major questions doctrine. That may be the only way to restore the delicate balance of power that defines American governance.

Mr. Sracic is a professor of politics and international relations at Youngstown State University and an adjunct fellow at the Hudson Institute.

No Emergency

I have not contacted my constitutional law expert on this, but my off-the-cuff estimate is that Mr. Sracic is correct.

I have stated for months there is no emergency. And Trump even acts like there is no emergency.

One day he says tariffs are meant to bring manufacturing jobs back. Another day it’s to raise revenue. And yet another day it is about fentanyl.

Ready to Deal

Trump is willing to deal. And over 50 countries are now ready to talk to President Trump about tariffs. Lovely.

Three Deal-Making Problems

  • Trump’s idiotic definition of reciprocal will not match the definition anywhere else.
  • Trump will not opt for true reciprocal because he won’t for for Value Added Taxes nor will he exclude VATs from his calculation.
  • Willingness to deal proves there is no emergency.

To the above list, factor in the idea no one can possibly expect Trump to hold up his end of any deal.

Finding someone with standing to file a lawsuit should be easy. Any small manufacturer clobbered by these idiotic tariffs would likely have standing.

Again, these are my opinions, not those of my expert friend. If and when he chimes in, I will do an update.

Related Posts

April 5, 2025: Seven Senate Republicans Now Back a Bill to Rein in Trump’s Tariffs

A bit of sanity comes to the Senate. Thank you Senator Grassley.

April 5, 2025: Senator Cruz Warns Tariffs Risk Sparking GOP Wipeout in 2026 Elections

Ted Cruz sounds a potential bloodbath tariff alarm. But how did he vote?

April 6, 2025: Trump Sets a Huge Tariff Sucker Trap for Taiwan and its Chip Industry

Trump cares less about Taiwan than Ukraine.

And in case you missed it please consider Cheese Was a “Key Achievement” of Trump’s USMCA Trade Agreement

Trump is complaining about Canada’s cheese tariffs. In 2018, he was bragging about cheese.

Please read the above post if you have not done so already.

The lies, hypocrisy, and executive overreach based on alleged emergencies is stunning.

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Mish

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102 Comments
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Oldest Most Voted
pete3397
pete3397
1 year ago

So, if countries with VATs have to reduce them to zero will my state legislature be introducing legislation to remove the state sales tax? No, you say? That it’s the prerogative of the state to impose such taxes? So, what you’re saying is that France should repeal its national VAT and then allow each of its administrative districts to set their own VATs and, to make it clear, call these VATs sales taxes so they pass muster with Trump? Got it.

bmcc
bmcc
1 year ago

trump has zero philosophy on governing except to keep himself in the biggest and brightest limelight of the world’s attention. he cares zero about tariffs. now his inner circle of people have philosophies and perhaps if they luck out they’ll get what they want. for white trash like musk that’s more free government handouts. for JD’s owner peter thiel it is the same. we are in first inning of trump term. he’ll be onto the next headline by next week or month. bombing persia……….by 2029 january i’m confident the world will have moved on from usa and some of the us states will have effectively nullified all federal orders. west coast ports and taxpayers. won’t collect or remit federal funds………

JJK3
JJK3
1 year ago

Sad that you think that Trump’s efforts to reverse 80 years of laxity on trade is too strong. Are you really advocating we continue to basiclly subsidize foreign imports that cost U.S. businesses and jobs? Well, here is a list of the favored tricks our trade partners have devised to thwart U.S exporters & make it cheaper for our companies to set up shop overseas: Import Tariffs; Non-Tariff Barriers including regulatory and procedural obstacles that restrict trade without directly imposing taxes: Quotas: Limits on the quantity of U.S. goods that can be imported into a country; Technical Barriers to Trade (TBT): Unnecessarily restrictive standards, conformity assessment procedures, or technical regulations that make it difficult for U.S. products to comply; Sanitary and Phytosanitary Measures (SPS): Health and safety standards that may be overly stringent or discriminatory against U.S. agricultural and food products; Licensing Restrictions: Requirements for special permits or licenses to import certain goods, which can delay or block imports; Customs Barriers: Inefficient customs procedures or excessive documentation requirements that hinder trade facilitation; Discriminatory Standards: Regulatory standards favoring domestic products over U.S. imports; Inadequate Intellectual Property Protections: Weak patent, copyright, and trademark regimes in foreign markets can disadvantage U.S. companies; Barriers to Cross-Border Data Flows: Restrictions on digital services and data transfers affecting U.S. tech companies; Currency Manipulation: Practices that undervalue currencies to make U.S. goods more expensive in foreign markets; Value-Added Taxes (VAT): High VAT rates applied disproportionately to imported goods, including those from the U.S.; Subsidies for Domestic Industries: Foreign governments provide subsidies to local industries, making them more competitive than U.S. imports; State-Owned Enterprises (SOEs): Favoritism towards domestic SOEs can limit market access for U.S. businesses; Bribery and Corruption: Corrupt practices in foreign markets may disadvantage U.S. exporters who adhere to stricter ethical standards. These are some but not all of the measures designed to create barriers for U.S. products in international markets, often under the guise of protecting domestic industries or ensuring public safety.If this isn’t an emergency then you & your ilk have your head firmly implanted in the sand. It’s time to pull your head out and stand up for the U.S taxpayer.

Albert
Albert
1 year ago
Reply to  JJK3

Nice list. You should work for the World Bank. But the US does most of these things as well.

IRISH
IRISH
1 year ago

trump was told tarrifs will work. being uneducated he can’t grasp how he is crashing the economy for the 2nd time. the first was with covidiocy. and he has another ignorant oligarch whispering in his ear. neither one understands economics.

RonJ
RonJ
1 year ago
Reply to  IRISH

Was Sweden the only country in Europe that didn’t lock down their economy during Covid?

Jojo
Jojo
1 year ago

This was so freaking good!

Trump Tariff Cold Open – SNL

Saturday Night Live

5,909,718 views  

Apr 5, 2025  

President Donald Trump (James Austin Johnson) addresses his tariffs and their impact on the stock market during a speech.

https://www.youtube.com/watch?v=VEle3pZRqmI

Tim
Tim
1 year ago

The trillions lost in market value were never going to be kept anyways. The market is a preposterous bubble funded by bad debt caused by the Fed If anyone here thinks these gains were sustainable, they are delusional.

The commenrs are so one sided. Were we supposed to continue to grow the governmemt? Funny that no one drives american cars outside north america. Semiconductors? No fabs in US producing anything relevant. Are we supposed to run deficits till we are broke?

Everyone is crying over the market dropping. Anyone who didnt see this is a moron. Trump telegraphed it for weeks. Also the mag 7 market leaders were all started dropping long before the tariff drop. Hogs get slaughtered. Having a PE/10 in the top 95% of market history didnt alarm anyone? Buffet sitting on 300+ billions in cash didnt garner concern? Anyone losing their ass got what they had coming.

Leversge is the only way to bring folks to the table. The rest us all talk.

Trumo is finally doing what no one had balls to do. He is simultaneously going to bring iinvestment to the us, reduce govt spending, and force the Feds hand to lower rates and refinance the debt. Hes dismamtling the house of cards economy and establishing fundamentals. You all are crying cause the punch bowl is gone lol.

Jojo
Jojo
1 year ago
Reply to  Mike Shedlock

“Points 1 and 2 conflict. Tariffs cannot simultaneously bring back manufacturing and raise enough revenue to balance the budget.

Points 2 and 3 conflict. Since the US is one of the world’s highest cost producer of goods thanks to unions, tariffs will not reduce inflation.

Points 2 and 4 conflict. Since the US is one of the world’s highest cost producer of goods, and other countries will retaliate, tariffs will not increase exports.”

And this is exactly the questions that Congress should be raising!

Please post this reply on X, where the Trumpsters all seem to hang out.

IRISH
IRISH
1 year ago
Reply to  Mike Shedlock

translation trump is off his rocker.

Curmudgeon
Curmudgeon
1 year ago
Reply to  Mike Shedlock

There are several issues in the tariff debate. Before the globalization of trade, in order to export, a country had to have an internal market for manufactured goods it produced. Tariffs were used against “dumping” those manufactured products, as well as less expensive foreign made products that competed directly with a country’s internally manufactured goods. Globalization has produced de-industrialization of high-wage countries to low wage countries countries. As the low wage countries start to raise living standards, they magically become high wage countries, and manufacturing moves again.
I understand the reason for tariffs in general, and at the end of the day, it is better for countries to be as self sufficient as possible

Curmudgeon
Curmudgeon
1 year ago
Reply to  Curmudgeon

Auto-posted the above apparently.
Trump is, at his core, a bully. The “Peace Through Strength” slogan really means do as “we, the US” tell you to do, or we will bomb the hell out of you. Realistically, the US does not have the industrial capacity to do that, due to the de-industrialization of the US. Russia and China do not fear the US militarily, they fear the insanity of the politicians looking for the next war. Trump needs to make Russia and China, once again, fear the US militarily. To do that, re-industrialization through tariffs is needed. As an aside, I believe that most countries understand that the US government has always shown itself to be agreement incapable, meaning it starts to re-interpret agreements made, before the ink is dry.
On a different note, while I appreciate Mr. Sracic’s opinion on the legality, my suspicion is that Trump will rely on the legal maxim “EXPRESIO UNIUS EST EXCLUSIO ALTERIUS” https://dictionary.thelaw.com/expresio-unius-est-exclusio-alterius/ Article 1 Section 8 contains a list. While “Imposts” refer to taxes on imports, the word “Tariff(s)” does not appear. To be clear, I am not suggesting that Trump is correct, rather bullies don’t care about details like agreements, laws, or constitutions.

Bridge
Bridge
1 year ago
Reply to  Mike Shedlock

I’m also guessing that when Chinese slave labor is abandoned so Americans can have slave labor wages…we will all be good.

IRISH
IRISH
1 year ago
Reply to  Tim

no one wants to invest in a dismal economy thats failing.

Ginko Biloba
Ginko Biloba
1 year ago

Apparently the geniuses who came up with the formula (Navarro?) didn’t calculate it correctly and the tariffs Trump used are something like 4x what they should have been had the formula been correctly calculated.

Net: “If the assumptions surrounding elasticity are adjusted in Trump’s formula, no country’s tariff would exceed 14%, the economists say.”

“Their mistake is that they base the elasticity on the response of retail prices to tariffs, as opposed to import prices as they should have done,” the scholars wrote.”

https://www.cnbc.com/2025/04/05/economists-take-issue-with-trumps-tariff-formula-arguing-rate-is-inflated.html

Albert
Albert
1 year ago
Reply to  Ginko Biloba

Well, maybe, at the last minute, Trump and his flunkies decided to liberate us from our earthly belongings. Who knew that MAGA will try to turn all of us into Buddhist monks.

Jojo
Jojo
1 year ago
Reply to  Ginko Biloba

Oops! Fired the math guy, eh?

Augustine
Augustine
1 year ago

Taxation without representation.

LM2020
LM2020
1 year ago

Trump’s Executive Overreach on Tariffs Is as Bad as Biden’s on Student Aid

Biden was trying to make people’s lives a little easier. Trump is wrecking the economy and alienating all of our allies. The economic fallout will dwarf anything Biden could have caused with loan forgiveness.

Last edited 1 year ago by LM2020
Sentient
Sentient
1 year ago
Reply to  LM2020

CNBC had an online article yesterday about a woman in Montana who is sad because Trump isn’t going to cancel the $250,000 she borrowed to get a law degree and a masters in sustainable development. That’s not “a little easier”. That’s Robin Hood in reverse. I know a person who also had over $200k in student loans that he was on track to have forgiven because he worked for a “non profit”. He had a $220,000 salary working for a solar panel company.

CzarChasm Reigns
CzarChasm Reigns
1 year ago
Reply to  LM2020

For Mish to claim ”as bad” seems wrong to me as well…
a stretch…
an attempt to normalize the actions of King Chaos.

If there were only one “stunning” overreach award to hand out…
I seriously doubt we’d see 50-50 odds on Sleepy Joe.

Casual Observer
Casual Observer
1 year ago

The lies, hypocrisy, and executive overreach based on alleged emergencies is stunning.

Two wrongs don’t make a right ? What about the “border emergency?”

The heads defense, nsc and homeland security owe a report to Trump by April 20th on whether to declare a national emergency. Incidentally April 20th is a day celebrated by right wing nazi organizations as it is Hitler’s birthday. Chatter this year is that Trump will finally do what they have wanted for decades. Gabbard and Hegseth are friends of multiple right wing movements who have been waiting for this moment for decades.

Don’t say you weren’t warned or didn’t see it coming.

Wisdom Seeker
Wisdom Seeker
1 year ago

I call BS. First, April 20 is a Sunday … not likely to be a federal deadline. Second, it’s coincidentally 3 months from Inauguration Day … a sensible time for a quick turnaround study to be done.

Christoball
Christoball
1 year ago
Reply to  Wisdom Seeker

It is Easter Sunday

EddyD
EddyD
1 year ago

420? LOL, do you know what day 420 is? 🇯🇲🌿

Jojo
Jojo
1 year ago
Reply to  EddyD

Literally “Get high with Jesus on Easter Sunday!”

Casual Observer
Casual Observer
1 year ago

Well those said the border was an emergency can’t have it both ways.

Looks like 2009 will be here sooner than folks think.

Trump’s Trade War Is Setting Up the Next Big Debt Default Wave

https://archive.is/mju8m

I’m back robbyrob
I’m back robbyrob
1 year ago

dr mish tries and tries but its hard
https://www.youtube.com/watch?v=uhiCFdWeQfA&t=57s

MPO45v2
MPO45v2
1 year ago

Trump says you need to “hang on” while the Trumpocolypse™ takes your job, house, auto, 401k and marriage while he plays golf. Oh and you’ll be paying more for everything too so just ‘hang on’ you dolts.

Winning! /s

Last edited 1 year ago by MPO45v2
MPO45v2
MPO45v2
1 year ago
Reply to  MPO45v2

I forgot to add, if you think you’ll be fine with your social security boomers, sorry, you’ll be reaping what you have sown. Karma offers up sweet poetic justice!

https://www.theguardian.com/us-news/2025/apr/06/musk-doge-social-security

Office closures, staffing and service cuts, and policy changes at the Social Security Administration (SSA) have caused “complete, utter chaos” and are threatening to send the agency into a “death spiral”, according to workers at the agency.
The SSA operates the largest government program in the US, administering social insurance programs, including retirement, disability and survivor benefits.
An average of almost 69 million Americans per month will receive a social security benefit in 2025, totaling about $1.6tn in benefits paid during the year and accounting for 22% of the federal budget.

KSU82
KSU82
1 year ago
Reply to  MPO45v2

I bet your wrong.

anoop
anoop
1 year ago

Mish, did you sell your stocks or are you staying invested? Looks like we’re headed for another big down day tomorrow.

Anon1970
Anon1970
1 year ago
Reply to  anoop

During the Great Recession, I held on to my stock positions and my covered calls. The calls expired worthless and the stocks eventually recovered. My IRA rollover came out just fine. Then there was the columnist at the Wall Street Journal who told his readers in his “Cheapskate” column that he had sold half of his stocks. His column soon disappeared. I thought he had been fired, but later learned that he had been reassigned.

Yes it does look like another down day tomorrow.

AndyM
AndyM
1 year ago

Except that Biden did not tank the markets

MPO45v2
MPO45v2
1 year ago
Reply to  AndyM

Biden wanted to forgive $1 trillion in debt, in theory since that’s the outstanding amount. Trump has caused $11 trillion in market losses and climbing. I’d day trump is 11x worse based on math.

Daniel
Daniel
1 year ago
Reply to  MPO45v2

One of these presidents felt constrained by the law

Bridge
Bridge
1 year ago
Reply to  MPO45v2

What I don’t get about trumps populist movement is their love for billionaires. Their story of fighting for the little man is comical if it wasn’t so disastrous.

Tony Frank
Tony Frank
1 year ago

How can one really be surprised if he or she did their homework after reviewing what trump said he was going to do.

He was able to play some golf this weekend so he must not be too concerned.

Albert
Albert
1 year ago
Reply to  Tony Frank

And he lined his pockets with Saudi money. It was a productive weekend for him, while our 401(k)’s keep melting down given what’s happening in Asian markets right now.

Jeff Kassel
Jeff Kassel
1 year ago

Trump’s tariffs will be paused by the federal courts and stricken after the hearing. Trump does not have the legal right to impose widespread tariffs using his emergency powers. We’re not in an emergency, other than the one he’s causing with outrageous, reckless tariffs that will raise the price of goods. Taxes are supposed to be decided by Congress. Most Republicans should be getting ready to impeach and remove Trump but they’re afraid of his voter base.

Sentient
Sentient
1 year ago
Reply to  Jeff Kassel

Congress is afraid to decide anything, so they’ve ceded their power to the executive and department heads. Whether Trump loses in court – and to what degree – remains to be seen.

Bridge
Bridge
1 year ago
Reply to  Jeff Kassel

I agree with you…but the Supreme Court made him king. That’s a bit of a problem.

Albert
Albert
1 year ago
Reply to  Jeff Kassel

By the time Trump loses in court, we will all be Buddhist monks.

Bridge
Bridge
1 year ago
Reply to  Albert

lol!! Brilliantly funny!

Michael Engel
Michael Engel
1 year ago

The Dow futured made a rd trip to 2022 high, but popped above, Howard Lutnick: tariffs will stay for weeks. When QQQ reaches 500 the puke media will bonk.

Last edited 1 year ago by Michael Engel
Jojo
Jojo
1 year ago

Excellent article!

Fareed Zakaria

Trump’s trade war on reality

Trump’s tariff crusade ignores U.S. economic strength — and risks squandering it on fantasy and folly.

April 3, 2025

“Liberation Day” is an apt name for President Donald Trump’s policy to impose massive new tariffs across the world. He sees the United States as a victimized colony, taken advantage of by other countries that have robbed it of jobs, industries and money. “Our country and its taxpayers have been ripped off for more than 50 years,” he said when announcing his plans on Wednesday. Trump’s acolytes, such as Vice President JD Vance and Commerce Secretary Howard Lutnick, parrot this view, painting a picture of a hollowed-out country with empty factories, unemployed workers and stagnant wages.

The reality is the opposite. And it is only because it is the opposite — in other words, because of America’s unrivaled economic power — that Trump can even attempt his tariff policy. It is U.S. economic heft that allows him to try to force the rest of the world to bend to his will. But Trump is using American power in such a capricious, destructive and dumb way that it will almost certainly result in a lose-lose outcome for everyone.

The real economic story of the past three decades is that the United States has surged ahead of all its major competitors. In 2008, the U.S. economy was about the same size as the euro zone’s; now, it is nearly twice the size. In 1990, average U.S. wages were about 20 percent greater than the overall average in the advanced industrial world; they are now about 40 percent higher. In 1995, a Japanese person was 50 percent richer than an American in terms of GDP per capita; today, an American is about 150 percent richer than a Japanese person. In fact, the poorest American state, Mississippi, has a higher per capita GDP than Britain, France or Japan.

https://www.washingtonpost.com/opinions/2025/04/03/trump-tariff-fantasy-nostalgia/

Michael Engel
Michael Engel
1 year ago
Reply to  Jojo

DC GDP per capita: $260,000. NY: 110,000. CA: 98.000… Mississippi:40,000, China: 12,200. Trump promised to deflate the entitle people in order to reduce the spread between DC and Mississippi not between Mississippi and China.

MPO45v2
MPO45v2
1 year ago
Reply to  Michael Engel

“Trump promised to deflate the entitle people in order to reduce the spread between DC and Mississippi not between Mississippi and China.”

We don’t want central planners in the U.S. or China, both fail miserably.

Sentient
Sentient
1 year ago
Reply to  MPO45v2

You guys are the ones usually braying about income inequality – and not without reason.

Michael Engel
Michael Engel
1 year ago

With enough flexibility we can avoid the first sovereign default since the 1840’s. Was it done before: yes, Trimming gov size and debt isn’t new. Wilson, FDR, LBJ, R/R, GW Bush and Obama raised debt. Trump wants to reversed a100 years trend. The entitled people protest, but the forgotten people and the zoomers like what he is doing.

Daniel
Daniel
1 year ago
Reply to  Michael Engel

Unless he makes massive cuts to social security Medicare/Medicaid benefits or cuts the military, there’s no way the government will be any smaller than it was under Biden.

Purging government of intellectuals was purely done out of revenge.

+888
+888
1 year ago
Reply to  Daniel

Yep. Notice the similar intents with https://en.wikipedia.org/wiki/Law_for_the_Restoration_of_the_Professional_Civil_Service. It looks to be a version not targeting jews. Maybe if Twitter existed back then they would had be boasting in how many communists they were gutting.

Sunriver
Sunriver
1 year ago

The precedent will now be for no tariffs ever again. Possibly sanctions,Taiwan/Ukraine, would be the only way to modify international trade.

Can’t you see what is going on here? Tariffs, for at least a generation, will have such a bad connotation, they won’t be used by the United States.

Trade deficits north of $2 Trillion coming right up.

I feel sorry for the rest of the world. Financing our excesses.

PapaDave
PapaDave
1 year ago
Reply to  Sunriver

The rest of the world will be fine. They will all continue to trade with each other and avoid the US as much as possible. Trump will succeed in isolating us from everyone else.

+888
+888
1 year ago
Reply to  Sunriver

Not sure. Scaling back manufacturing is the matter of a decade. Overnight tariffs after an election wasn’t the right way to do it.

David Heartland
David Heartland
1 year ago

I have yet to be able to find a Tariff List in Spreadsheet Format. It could be useful for analysis.

Joe Poncakia
Joe Poncakia
1 year ago
Reply to  Bryan

Whoa! Ask and you shall receive, David. Bryan served up exactly what you asked for and then some. Now if all of you tariff experts out there are willing to go through a 10 hour learning curve to understand the WTO report, I invite you all to have at it and get back to us.

Bayleaf
Bayleaf
1 year ago

Hmm, looks like we’ve moved from fearmongering about tariffs to claiming they’re illegal. I’m getting the feeling the tariff-deniers might be getting ready to concede soon.

MPO45v2
MPO45v2
1 year ago
Reply to  Bayleaf

Dow futures down 1300 so maybe another 2000 point loss day. Trump’s losses on the stock market will be up to $15 trillion at sooner or later. At some point margin calls kick in and banks & brokers start failing.

But I’m sure you’ll be fine in your trailer.

peelo
peelo
1 year ago

The whole basis of these tariffs is a bad-faith, purposeful misinterpretation and misuse of Congress’s authorization. Like immigration, these are long-term problems designed under the Constitution to be hashed out by the deliberative parts of government (Congress), not the more fast-twitch action and design of the executive. That said, Congress failed for a long time to come to terms with both issues, making a more fragile, unstable and reversible kind of action (executive orders). Hence the chaos and reversals in these areas from admin to admin. The fault ultimately is in the small-minded electorate, which does not demand its elected officials to simply do their job. The selfishness trickles up and down. Sorry, founders. The system has decayed.

Michael Engel
Michael Engel
1 year ago

Oct, Nov and Dec 1987 glued together had a huge buying tail.

Nonplused
Nonplused
1 year ago

The tariffs are all reciprocal except where security issues are involved, in which case they are punitive. Except China, in which case just about everything is wrong, and this is only the beginning. All of the countries that are complaining can have the tariffs removed instantly by either removing their own tariffs on the US or complying with security concerns (except China, which is a nasty mess). All the whiners are just trying to protect their own tariffs, or their own criminals/lack of security measures. (Except China, which is engaging in economic warfare.)

Tom
Tom
1 year ago
Reply to  Nonplused

We closed the border….and now china!!
But what about slave labor & the bottom line.
Do you realize what this will do to corporate profit margins?!!

Can I at least assume Bernie is now a Trump supporter?

EddyD
EddyD
1 year ago
Reply to  Tom

💯 Well put, Tom.

+888
+888
1 year ago
Reply to  Tom
Michael Engel
Michael Engel
1 year ago

The stock market is down for technical reasons. From yesterday: if congress gang on Trump, he can veto it. Congress doesn’t have enough votes to overrule him. Today spin: rouge senators protect our US constitution. They don’t care about the constitution. The complain bc they might lose their jobs.

Last edited 1 year ago by Michael Engel
KGB
KGB
1 year ago

Anyone who doesn’t know the USA is in an emergency employment crisis needs to go live in Chicago.

+888
+888
1 year ago
Reply to  KGB

Yep. Same things for France who experienced similar deindustrialization.

MMchenry
MMchenry
1 year ago

Trump & Elon fired the FDA Executive that approved Trump’s Life Saving Covid Drugs – he does not even know this either.

https://youtube.com/shorts/qyf6oR_lrXs?si=9XlzEfRBwoeZXtmO

Joe Poncakia
Joe Poncakia
1 year ago
Reply to  MMchenry

Rachel Maddow?…Pullease

Call_Me_Al
Call_Me_Al
1 year ago
Reply to  MMchenry

Try again.

The guy is an oncologist (not an authority on immunology/virology/or anything related to Covid), he is part of the merry-go-round between drug makers and the FDA (an appointed director rubber stamping approval via EUA is not some special ability, he’ll find his way into phyzur/morederna soon enough), and those “drugs” were not life-saving (at first they allegedly conveyed immunity, then they protected others, then they were downgraded to keeping one out of the hospital…maybe).

RonJ
RonJ
1 year ago
Reply to  MMchenry

RFK Jr., the head of HHS, pushed Dr. Peter Marks out of the FDA.

JayW
JayW
1 year ago

Nikki Haley joined the Hudson Institute in April 2024.

That’s all I need to know about anyone blabbering about Trump’s tariffs.

hmk
hmk
1 year ago

This is the exact question I posed yesterday. What is being done about this???

Eric Egas
Eric Egas
1 year ago

Actually the emergency exists in the form of a credit doom loop which the government is currently immersed in. This situation is catastrophic enough and will only be dealt with by the Federal Reserve monetizing further the debt and exaggerating the situation further. By upsetting the apple cart there is a possible inverse Paul Volker effect that might take place.

peelo
peelo
1 year ago
Reply to  Eric Egas

Emergencies emerge quickly, by definition. This is a slow wave we have seen for years — Pete Peterson was yelling about it under Nixon. Congress is the deliberative body designed to create solutions suitable to the depth and complexity of the problem, and the solutions. Congress has failed (as it did with immigration) to simply do its job, per he Constitution. This is a problem, but not an “emergency.” It is not a brush fire crunching down on us now. It could go further for decades more before completely breaking down. Congress, fix it!

Jojo
Jojo
1 year ago
Reply to  peelo

We need something different that Congress. We need to be able to hold their feet to the fire and that requires being able to recall Congresspeople easily or even dissolve the whole Congress with a statement of no confidence.

Alex
Alex
1 year ago

I don’t agree. It appears that EU and China try to crash the market to negotiate for them. So we just cave? Tariff won’t cause recession, it will force the doestmic retails to switch the suppliers. Its challegen but its not uncommon.

Lawrence Bird
Lawrence Bird
1 year ago

Biden didn’t crash the stock market nor push the economy into a likely recession

hmk
hmk
1 year ago
Reply to  Lawrence Bird

Right, he was a corrupt, incompetent senile ahole and was head of the Biden crime family. Persecuted his political enemy like they do in third world corrupt dicktasterships.

Bridge
Bridge
1 year ago
Reply to  hmk

Trump is a convicted felon. You all love felons. Sort it out would you.

peelo
peelo
1 year ago
Reply to  Lawrence Bird

He was foolish to try to cancel debts. But he stayed in his lane in terms of “break glass” emergencies.

Tom
Tom
1 year ago
Reply to  peelo

War in the Ukraine. US personnel guiding US missiles into Russia,
Middle East turning back into a dumpster fire. Great job replenishing
Iran. Pardons going back to 2014…hmmm.. what happened that year?

But you are correct…he stayed in his lane!!

EddyD
EddyD
1 year ago
Reply to  Lawrence Bird

2021? 🙄

SavyinDallas
SavyinDallas
1 year ago

Some people are predicting a 1987 style market crash for Monday. I have no idea, but I see nothing in the short term to stem the dramatic market slide unless this tariff war gets resolved soon-and I mean VERY soon. 

Trump is doing a lot of good things-at least he talks about good things. Considering we had 10 million illegals that flooded our borders during the past 4 years, at the pace Holman is going, we will barely make a dent in that number in the next 4 years. Though the flow of migrants coming in has been significantly reduced, I think (though I am not sure) this is comparable to the number being deported under Trump. Even deporting MS-13 and Tre De Aragua members is being fought aggressively by the Democrats through Lawfare. 

Whether you support tariffs or not, this current policy has us at economic war with virtually everyone -both friend and foe. Professor Jeffery Sachs and others I admire have taken a contrary position- they claim the deficits are our own doing- we chose perpetual war, regime change and trillion dollar defense/intelligence budgets. 

We chose to allow our manufacturing to be exported, replacing middle class jobs with low paying jobs filled by millions of third world migrants. We chose policies that have empowered China as the economic powerhouse that they have become (at our expense) 

We chose an out of control health care system that is outrageously more expensive, with health outcomes near the bottom of all developed nations. 

We chose to effectively destroy our public educational system to that our test scores in math and science are near the bottom of developed nations. 

We chose the world’s lowest tax rates for the super wealthy, which I have maintained for years is not fair, and despite the fake, misleading statistics, results in the middle class paying a far greater percentage of their income in aggregate taxes, federal, state, local, sales tax, gas tax, etc. combined than the Super Wealthy. 

We chose to tolerate corrupt politicians at all levels who represent powerful special interests first, and us a distant second.  

We chose to spend like drunken sailors, government, corporate and personal, allowing spending far more than we earn on an ever expanding credit card. Yes I agree that tariffs may be good to promote our own transformation back to becoming a more productive manufacturing nation, as well as to counter unfair trade practices and tariffs from other nations we trade with. 

I will also add that we chose decades long policies of destroying the nuclear family, attacking the fundamental nature of our Christian heritage and promoting (not tolerating but promoting) abortion on demand and radical transgender type policies- policies which are destructive both socially and economically . 

Trump’s tariffs will likely not work to achieve his goals. Even if they are successful in the short term and we get a deal, in the long term, if the issues I raise above are not addressed, we cannot and likely will not be competitive to the point where we can solve the issues of trade and budget deficits.

Trump and America are in serious trouble. We are on the ropes heading into the final rounds. We can still stop the bleeding and right the ship. I hope and pray that we will. I believe we will–with one major caveat– If Trump is deluded by Netanyahu, Miriam Adelson and other powerful donors to continue the genocide of Gaza and further to bomb Iran and not make peace with Russia–he will destroy his presidency. His enemies, both external and internal, will be empowered. They will crush Trump and likely his supporters. Everything good he is attempting to do will be crushed. 

He can only achieve his goals as a peace time President. These formidable problems can be solved, even if there is great pain which will inevitably be suffered as a result of our past mistakes. He has picked a lot of battles. If he now chooses war, he cannot succeed. He will not only lose many of the battles, WE will lose the war.

If he does not understand this, may God help us all.

JayW
JayW
1 year ago
Reply to  SavyinDallas

That’s a lot of jibber jabber.

Let’s sum it up like this: We are not choosing a new path.

See, that wasn’t all that hard. Nice Jew hating by the way.

Now we know for sure which side you’re one.

hmk
hmk
1 year ago
Reply to  JayW

Oh, I see stating facts is now antisemitism. Typical.

Jojo
Jojo
1 year ago
Reply to  hmk

Go ahead and whine. No one in power cares.

JayW
JayW
1 year ago
Reply to  hmk

Saying there’s a genocide going on in Gaza is not FACT just because you say it.

Israel going after Hamas is not genocide. Israel has gone out of there way to no kill excessive numbers of civilians.

JayW
JayW
1 year ago
Reply to  JayW

We are choosing a new path. (my bad)

Michael Engel
Michael Engel
1 year ago
Reply to  JayW

From the river to the sea is genocide.

Jojo
Jojo
1 year ago
Reply to  Michael Engel

You don’t understand the definition of the word you use. But that is clear with much that you write here.

But allow me to fix your statement for you:

“From the river to the sea, Israel will be free of Palestinians soon”.

JayW
JayW
1 year ago
Reply to  Michael Engel

Yep! That’s what they want until Israel has been kicking their asses for the last 18 months. Now that Hamas has been decimated is the time for those remaining to tell Hamas to get the hell out of Gaza. Doing so will attract a lot more rebuilding aid once Hamas finally releases the rest of the hostages or keeps murdering them down to the last one.

limey
limey
1 year ago
Reply to  JayW

Ah, from the any criticism of israel must be anti semetic camp, that’s SOP for Netanyahu, Jay surely you can do better than that, I do agree that Mr Dallas does need to consolidate his writings somewhat.

Last edited 1 year ago by limey
JayW
JayW
1 year ago
Reply to  limey

It is when you start calling what Israel is doing genocide which it’s not.

Now, you can say for sure that Israel appears to have as its goal to raze the entire city down to rubble, but that’s not genocide. Blowing up buildings is NOT genocide. Telling civilians to evacuate areas before the fighting starts is NOT genocide. Limiting collateral damage like what Israel has done is NOT genocide.

The Nazis and various factions of African countries over the last several decades have attempted genocide.

Israel is simply protecting its country from Hamas who is backed by Iran, the #1 sponsor of global terrorism.

Last edited 1 year ago by JayW
Victoria "the Hutt" Nuland
Victoria "the Hutt" Nuland
1 year ago
Reply to  JayW

The Russians & Ukrainians are killing fewer than one child per day, combined in a war that’s killed WAY more people. Israel is killing over 100 children per day. That’s genocide.

hmk
hmk
1 year ago
Reply to  SavyinDallas

Perfect summation of why we are circling the drain. We have been doing what every great empire throughout history has done to facilitate its demise. The only thing we learn from history is that we don’t learn anything from history.

Bayleaf
Bayleaf
1 year ago
Reply to  SavyinDallas

By “we” you mean the political class and crony capitalists. They are who we (along citizens worldwide) are at war with.

Michael Engel
Michael Engel
1 year ago
Reply to  SavyinDallas

I don’t read 12 inches comments, but where the hell are Soros and the Rothschilds this Sunday.

Anon1970
Anon1970
1 year ago
Reply to  Michael Engel

Are there any Rothschilds in the banking business worth at least $1 billion? Yes, there are a lot of them who can trace their ancestry back to Mayer Amschel Rothschild of 18th century Frankfurt Am main, but what have they done lately?

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