Market Drops 500 pts on Trump Tariff announcement

[Malintent]

On another note, can't congress pass a law to invalidate Trump's tariffs? Are they finally going to grow a pair or are they going to continue to be his sycophant?

such a law exists. The President cannot declare tariffs with an executive order. It is already illegal. He needs to be able to establish that the specific tariffs are necessary for national security. An example of the spirit of that law would be if we suddenly were at war with North Korea, we would tariff (and blockade) their exports so as to cut off their supply of war funding (used to kill us). The provision is to stop funding a nation at war against us.

Apart from that scenario, it currently does take an act of congress to alter tariffs... and then there is the WTO that has regulations on such things as well.

 

[Jimmy Higgins]

On another note, can't congress pass a law to invalidate Trump's tariffs? Are they finally going to grow a pair or are they going to continue to be his sycophant?

such a law exists. The President cannot declare tariffs with an executive order. It is already illegal. He needs to be able to establish that the specific tariffs are necessary for national security.

And the irony seems to just feedback on everything Trump does as Canadian Aluminum is considered strategic to United States security.

Jean Simard, president of the Aluminum Assn. of Canada, said that his industry has been integrated into the U.S. economy for more than 50 years and that the Pentagon considers Canadian aluminum production a strategic military supply.

 

[Elixir]

such a law exists. The President cannot declare tariffs with an executive order.

Laws schmaws. Since when has the illegality of an executive order given Cheato any pause about issuing it?
I bet he has already issued more orders that have been declared illegal than any other president.
Yay~! Another RECORD for Trumpovich.

 

[Keith&Co.]

suuuure... like how performing a test of the power of prayer reduces religiosity when the results are seen.

Yeah, we are talking about people that thought the economy was worse in 2016 than it was in 2008. Or cried for Republican leadership after the greatest economic boom is US history under Clinton.

...or are wondering why Obama wasn't in the White House on 9/11....

 

[barbos]

I understand US clothing industry is 100% dead. So it seems natural to have tariff on that, otherwise US soldiers would have to wage WW3 naked. OK maybe military clothing is produced locally but general population will be naked.

 

[Jimmy Higgins]

What is occurring right now is kind of scaring me. I am imagining a Trump watching the news with a massive grin on his face. They are all talking about him, about these tariffs. Will he, won't he? Only Trump knows he can make that decision (well actually this is something that Congress can reverse because there is no national security involved her), and he knows that he likely doesn't even know what his choice will be. This guy is as indecisive as an undecided voter, with the keys to the nation's economy.

And he is loving it. The markets are going down because he willed it. That is power to him and I think that is what he loves and is enjoying every second of TariffGate.