- US President Trump criticised the Supreme Court for striking down his Liberation Day tariffs
- He claimed the US earned billions through tariffs while improving trade terms for the economy
- Trump stated countries that previously exploited the US are now paying and satisfied
US President Donald Trump on Wednesday slammed the Supreme Court ruling last week that struck down his 'Liberation Day' tariffs and warned countries not to skirt deals already made with Washington. He repeated his claim that the US generated billions of dollars in tariff revenue while making trade terms more favourable to the world's largest economy.
"I used tariffs to bring in hundreds of billions of dollars and to make great deal for our country. Countries that were ripping us off for so many years are now paying us... Then just four days ago an unfortunate ruling just came from the Supreme Court," Trump told political leaders at the annual 'State Of The Union' address in the US Congress.
"The good news is all countries and corporations want to keep the deals that they already made. They know that the legal power that I as president have to make a new deal could be far worse for them. So they will follow the same deal," he said.
In attendance of the speech were all nine Supreme Court justices, three of whom Trump appointed in his first term. The apex court, in a 6:3 verdict, rejected Trump's claim of unbridled power to impose and remove tariffs on Friday, ruling that the president overstepped his authority by using the International Emergency Economic Powers Act (IEEPA) to impose his "reciprocal" tariffs across the globe.
ALSO READ: US Customs Agency Halts Collection Of Trump's 'Illegal' Tariffs After Supreme Court Order
The decision followed a year in which the conservative-dominated court has largely accommodated Trump's moves to transform the US government.
Following the verdict, Trump imposed a flat 10% tariff on all imports under a rule that allows the president to impose the charge for 150 days without congressional approval. The government has already collected at least $130 billion in tariffs using the IEEPA, according to reports.
The president claimed the dozens of trade deals that the US has signed with foreign countries have not only delivered revenue but boosted economic growth and stock market returns. "These countries are now happy and so are we. The deals are all done. There is no inflation and tremendous growth. I got it right about the economy," he said.
'US Economy Is Roaring'
Donald Trump touted gains made by the US stock market in the first year of his second term and several large investment commitments from countries like Japan, South Korea, and Saudi Arabia and private companies.
"The stock market has set 53 all time record highs since the election, boosting American incomes. I secured $18 trillion in investments in the last 12 months... This is the golden age of America. We are back bigger, better, stronger and richer. The US economy is roaring again," the president said.
He also claimed success in curbing illegal immigration into the US and bringing inflation down.
ALSO READ: Zero Tariff On 55% Exports? What US Supreme Court Verdict Means For India
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