Oxford Economics said Friday's decision was a major setback for Trump's economic agenda, as the Trump administration had hoped to raise about $3.6 trillion in revenue from tariffs between 2026 and 2035.
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President Donald Trump has lashed out at the US Supreme Court after it ordered the cancellation of emergency tariffs. He has also vowed to maintain the tariffs through other legislation.
The Supreme Court has ruled that the International Emergency Economic Powers Act cannot be used to impose import tariffs without the consent of Congress. The court has ruled that Congress has the authority to impose tariffs in peacetime.
But Trump has opposed it. He claimed at a press conference that the Supreme Court was "influenced by foreign interests." Similarly, he said that instead of this tariff, a new 10 percent tariff will be applied worldwide. He said that this tariff was imposed using the Trade Expansion Act of 1962.
Oxford Economics has assessed Friday's decision as a major setback for Trump's economic agenda. Because, the Trump administration had expected to raise about $ 3.6 trillion in revenue from 2026 to 2035 by increasing tariffs.
But the US president has claimed that he will continue to use other rules and laws to maintain the tariff increase.
Trump has used tariffs not only to boost U.S. revenue or domestic production, but also to pressure other countries. For example, he decided to impose an additional 25 percent tariff on India, which has long been buying oil from Russia.
