President Donald Trump announced yesterday he would impose a new tariff of 25% on any country trading with Iran. He also predicted disaster if the U.S. Supreme Court were to rule his tariff orders are illegal. The president estimated that “many Hundreds of Billions of Dollars” or even “Trillions” were at stake if the government was forced to refund anyone who paid them.
“It would be a complete mess, and almost impossible for our Country to pay,” he said on Truth Social. “If the Supreme Court rules against the United States of America on this National Security bonanza, WE’RE SCREWED!”
The court could issue a ruling as soon as Wednesday. It had been expected to rule last week. It is not clear why the court is delaying.
But Wall Street analysts are increasingly sanguine about the ruling. As time goes by, many say, the tariff issue becomes less and less dramatic. And in the bigger macro picture, the tariffs are less significant than predicted.
The longer the delay in the ruling the more likely it is the court is leaning toward Trump, according to JPMorgan.
