Trump Prepares To Declare “National Economic Emergency” To Enact His Tariffs

Donald Trump is not only refusing to back down off his pledge to tariff every good coming into the country, he’s doubling down on them by preparing to declare a national economic emergency in order to give himself the powers to push them through immediately. Not a single economist on either side of the aisle supports Trump’s tariff plans, and many of his own staffers and advisors have tried to get him to pull back. The opposite is happening, and we’re going to pay the price for it, as Ring of Fire’s Farron Cousins explains.
 
Link – https://www.rawstory.com/trump-emergency-tariffs/

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*This transcript was generated by a third-party transcription software company, so please excuse any typos.

According to four sources close to Donald Trump that spoke to CNN on the condition of anonymity, Donald Trump is preparing to declare a national economic emergency in order to give himself more powers to put tariffs in place on near every single thing coming into the United States. Here is what CNN reported last week. The declaration would allow Trump to construct a new tariff program by using the International Economic Emergencies Power Act, known as the I-E-E-P-A, which unilaterally authorizes a president to manage imports during a national emergency. Trump, one of the sources noted, has a fondness for the law since it grants wide ranging jurisdiction over how tariffs are implemented without strict requirements to prove the tariffs are needed on national security grounds. Trump used the I-E-E-P-A in 2019 to threaten a 5% tariff on all Mexican imports that would rise to 25% if Mexico declined to take action to reduce the number of undocumented immigrants crossing the border with the United States.

So he’s attempted to do it before just as a threat, but this is what he wants to do. I need to get these tariffs in place. I have a little bit of authority to do that right now, but I need ultimate authority. I need unlimited power, absolute power, if you will. And we all know what absolute power does to somebody, and that’s what he wants, and that is likely what he’s going to do. They wouldn’t be discussing it behind the scenes if it wasn’t something that was on the table. And the reason they have to do it this way, of course, is because you’re never gonna get Congress or the Senate to actually pass legislation to put these tariffs in place. So Trump could only do a little bit of what he would want to do. And because everybody else knows that these are stupid ideas, I have yet to see a single economist, a single financial analyst, anybody on the left or right say that this is a smart idea. The tariffs in general, not, you know, using this, this law to give himself absolute power, but it, it doesn’t exist. The only proponents of this plan are the people who don’t understand how economics works. And those, of course, are the people that Donald Trump has surrounded himself as well as a few people from the House and Senate who go out there touting these things every day. But usually it is the dumbest people in Congress. And I’m not just saying that to be insulting. These are literally people who do not understand what they’re advocating for.

The tariffs are going to happen. We have already seen foreign countries, you know, kind of start to give in to Donald Trump just a little bit or say we’re open to negotiations at the threat of the tariffs. Not many, but a few. And the more we see that, the more these countries are like, whoa, whoa, whoa. Hold up, hold up. The more it makes him want to do it because he thinks he has the power, the problem he has is that only a couple, right? You can count him on one hand, even if you’re missing a few fingers. Only a couple countries have done that. Other countries, places like Canada, places like Mexico, have already said you do that. We’ve already got a list of, uh, industries that we’re gonna tariff from the United States. So while a few might be bending the knee a little bit, not even, it’s not even really bending the knee, it’s just let’s, let’s negotiate.

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