President Donald Trump declared Tuesday that there will be serious economic consequences if the U.S. Supreme Court does not hear his appeal on a federal appeals court ruling last week that declared many of his administration's tariffs to be illegal.
Speaking on "The Scott Jennings Radio Show," Trump said, "This decision's an overhang." He added, "It's an emergency."
"We're going in as an emergency — we'll probably be doing it tomorrow ... you see the stock market, this decision is an emergency. There's a pall over the country waiting for the Supreme Court," the president said. Stocks fell more than 1% Tuesday afternoon, partly due to a sharp rise in bond yields driven by concerns over the loss of tariff revenue.
A senior administration official, speaking on condition of anonymity, confirmed Tuesday that the White House is preparing an appeal. The move comes after a weekend in which Trump attacked a panel of appellate judges for ruling that he had exceeded his authority by invoking a 1970s law to impose tariffs on nearly all major U.S. trading partners.
"More than 15 Trillion Dollars will be invested in the USA, a RECORD. Much of this investment is because of Tariffs. If a Radical Left Court is allowed to terminate these Tariffs, almost all of this investment, and much more, will be immediately cancelled! In many ways, we would become a Third World Nation, with no hope of GREATNESS again. TIME IS OF THE ESSENCE!!! President DJT," Trump posted Sunday on his Truth Social platform.
Trump has argued that curbing his authority to impose tariffs under the International Emergency Economic Powers Act would harm the United States by stripping it of both revenue and leverage. The administration has long held that it's use of reciprocal tariffs has also been to achieve national security objectives far outside the scope of their economic veneer.
"If that decision would be lost it would be an economic disaster for the United States," Trump told Jennings. "Our country will be weak, pathetic and not rich" if the tariffs are reversed.
James Morley III ✉
James Morley III is a writer with more than two decades of experience in entertainment, travel, technology, and science and nature.