Washington: Donald Trump’s latest bombshell is aimed at the American judiciary. Self-applauding his move to impose tariffs and its huge positive impact on the stock market and the resultant billions of dollars coming into US coffers, the US President Trump warned of a ‘1929-style Great Depression’ if the court overturns utariffs.
“If a Radical Left Court ruled against us at this late date, in an attempt to bring down or disturb the largest amount of money, wealth creation and influence the U.S.A. has ever seen, it would be impossible to ever recover, or pay back, these massive sums of money and honour. It would be 1929 all over again, a GREAT DEPRESSION! If they were going to rule against the wealth, strength, and power of America, they should have done so LONG AGO, at the beginning of the case, where our entire Country, while never having a chance at this kind of GREATNESS again, would not have been put in 1929 style jeopardy,” Trump wrote on his social media platform Truth Social.
The US President said there is no way America could recover from such a judicial tragedy. “But I know our Court System better than anyone, there is no one in history that has gone through the trials, tribulations and uncertainties such as I, and absolutely terrible, but also amazingly beautiful, things can happen,” Trump added.
Under Trump 2.0 regime, US tariff rate averages 20.1 per cent, the highest level since the early 1910s — except for a brief spike earlier this year — after new duties took effect on Thursday, World Trade Organization (WTO) and International Monetary Fund (IMF) data showed on Friday.
To put things in perspective, the tariff rate in force at the time of Trump’s inauguration on January 20 was at 2.4 per cent.
Trump’s announcement on April 2 of ‘reciprocal tariffs’ on the US’ main trading partners and subsequent escalations, particularly on Chinese goods, pushed up the average rate to 24.8 per cent in May a 121-year high.
