On Monday, President Donald Trump claimed that if his administration loses the final ruling on the legality of reciprocal tariffs, the amount owed to opposing countries would exceed 2 trillion USD.
In a post on his social media platform Truth Social, Trump stated that the repayment amount that the radical left, eager to see us lose the tariff lawsuit, is bandying about is far higher than what foreign powers, who would do anything to impose tariffs on them without retaliation, are proposing.
Trump emphasized that the actual amount it would have to repay from tariff revenues and investments will surpass 2 trillion USD. That alone would be catastrophic for the national security.
He further argued that those opposing us in the Supreme Court are presenting low estimates to make it seem easy for the court to escape this dire situation.
The Supreme Court is set to issue a final ruling on the legality of reciprocal tariffs and fentanyl tariffs imposed under the International Emergency Economic Powers Act (IEEPA).
Trump has argued that the large trade deficit constitutes a national emergency under the IEEPA, imposing reciprocal tariffs of 10% to 41% on all trading partners. He also labeled the influx of fentanyl as a national emergency, imposing so-called fentanyl tariffs on Mexico, Canada, and China for allegedly not cooperating in blocking its entry.
In response, the Democratic governors of 12 states and five small businesses have filed a lawsuit, claiming that such tariff imposition exceeds presidential authority and is illegal. Both lower courts have ruled in favor of the plaintiffs.
During the Supreme Court’s public oral arguments on November 5, Chief Justice John Roberts pointed out that tariffs are taxes, and the authority to impose taxes belongs solely to Congress, expressing skepticism about Trump’s tariff imposition.
Following the Trump administration’s request for expedited consideration, a ruling could come within weeks. Meanwhile, Trump continues to rally public opinion.
The day before, he announced plans to distribute a 2,000 USD dividend to every American citizen, excluding high-income earners, funded by tariff revenues.