Trump Turns Attention Back To His Global War On Trade

In letters to the leaders of Japan and South Korea, Trump said new 25% taxes will be imposed on their products because of those countries’ “Tariff, and Non Tariff, Policies and Trade Barriers, causing these unsustainable Trade Deficits against the United States.” Both the U.S. Court of International Trade and a trial-level federal court in Washington, D.C., ruled that Trump’s tariffs imposed under the 1977 International Emergency Economic Powers Act were illegal because the mere existence of a trade imbalance did not constitute an emergency under the statute. If those numbers hold and the new import taxes go into effect on Aug. 1, American importers will pay more than $200 billion a year in new taxes, with virtually all of that getting passed along to American consumers in the form of higher prices.

Author: S.V. Date

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