"They're a little more complex, but they're actually probably better, leading to a solution that will be even stronger than before. Congressional action will not be necessary. It's already time-tested and approved, and as time goes by, I believe the tariffs paid for by foreign countries will, like in the past, substantially replace the modern-day system of income tax, taking a great financial burden off the people that I love."
"Trump addressed the nation several days after the Supreme Court ruled against most of his 2025 tariffs that were enacted under the International Emergency Economic Powers Act. Despite this setback to his economic agenda, which he touted on Tuesday, Trump said he wouldn't need to make new trade deals, even though he used the now-struck-down tariffs as his primary negotiating tool, because other countries were happy with the deals made so far."
President Trump addressed the nation in his State of the Union address following the Supreme Court's ruling that struck down most of his 2025 tariffs enacted under the International Emergency Economic Powers Act. Despite this setback, Trump maintained confidence in his economic agenda, claiming other countries were satisfied with existing trade deals and that new negotiations were unnecessary. In response to the SCOTUS decision, Trump signed an executive order imposing a 10% global tariff under Section 122 of the Trade Act of 1974. Unlike the invalidated IEEPA tariffs, these new duties require congressional approval after 150 days. Trump characterized the new tariffs as more complex but potentially stronger, suggesting they would eventually replace income tax revenue. The U.S. Customs and Border Protection reported collecting approximately $129 billion under the struck-down IEEPA tariffs, with companies now pursuing refund litigation.
Read at Business Insider
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