"I used these tariffs, took in hundreds of billions of dollars to make great deals for our country, both economically and on a national security basis. Everything was working well. Countries that were ripping us off for decades are now paying us hundreds of billions of dollars. They were ripping so badly, you all know that. Everybody knows it."
"There was no inflation, tremendous growth. And the big story was how Donald Trump called the economy correctly, and 22 Nobel Prize winners in economics didn't. They got it totally wrong. They got it really wrong. And then just four days ago, an unfortunate ruling from the United States Supreme Court."
"The good news is that almost all countries and corporations want to keep the deal that they already made. Knowing that the legal power that I, as president, have to make a new deal could be far worse for them, and therefore they will continue to work along the same successful path."
The Supreme Court struck down tariffs President Trump imposed under the International Emergency Economic Powers Act. Trump responded by criticizing the justices, including three Republican appointees who voted in the majority, suggesting foreign corruption influenced the decision. At the State of the Union address, Trump announced his intention to circumvent the ruling by reimposing identical tariffs. He argued the previous tariffs successfully generated hundreds of billions in revenue, produced economic growth without inflation, and forced countries to make favorable deals. Trump claimed countries and corporations prefer maintaining existing agreements rather than risk worse terms under new presidential authority.
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