"Two U.S. courts of appeals have in recent days declared the Trump tariffs illegal, and ordered monies collected pursuant to the tariffs refunded to their payers. Treasury Secretary Scott Bessent says the rulings threaten to cost the U.S. Treasury as much as $1 trillion in funds through June, worsening the budget deficit and adding to U.S. debt. The White House has asked the U.S. Supreme Court to rule on the issue."
"Meantime, investors seem unconcerned - maybe even a bit optimistic that repealing the tariffs, which represent a tax hike on U.S. importers and consumers - could provide a boost to the economy, a boost potentially turbocharged by expected Federal Reserve interest rate cuts later this month. Earnings season is basically over at this point, although Yahoo! Finance lists a few well-known names scheduled to report Tuesday."
A Congressional Budget Office report predicted that full implementation of announced tariffs could reduce the nation's debt by a combined $4 trillion over the next 10 years. Two U.S. courts of appeals recently declared the tariffs illegal and ordered refunds of monies collected. Treasury Secretary Scott Bessent warned that the rulings could cost the U.S. Treasury as much as $1 trillion through June, worsening the budget deficit and increasing U.S. debt. The White House has asked the U.S. Supreme Court to resolve the legality. Investors appear relatively unconcerned and may welcome lower tariffs alongside expected Federal Reserve interest rate cuts. Earnings season is winding down.
Read at 24/7 Wall St.
Unable to calculate read time
Collection
[
|
...
]