Trump Celebrates Start of Reciprocal Tariffs
(MENAFN) Late Wednesday, President Donald Trump celebrated the launch of reciprocal trade duties targeting over 90 nations.
He emphasized that the U.S. would begin collecting substantial revenue through these tariffs.
"RECIPROCAL TARIFFS TAKE EFFECT AT MIDNIGHT (0400GMT) TONIGHT! BILLIONS OF DOLLARS, LARGELY FROM COUNTRIES THAT HAVE TAKEN ADVANTAGE OF THE UNITED STATES FOR MANY YEARS, LAUGHING ALL THE WAY, WILL START FLOWING INTO THE USA," Trump announced on social media.
He further remarked, "THE ONLY THING THAT CAN STOP AMERICA’S GREATNESS WOULD BE A RADICAL LEFT COURT THAT WANTS TO SEE OUR COUNTRY FAIL!" suggesting that judicial challenges could threaten his agenda.
Trump was likely pointing to ongoing legal proceedings questioning his power to enforce such trade measures. Several lawsuits have been initiated by both private firms and U.S. states, claiming that the tariffs have inflicted financial damage.
These legal battles are expected to advance to the Supreme Court, especially after plaintiffs scored a string of lower court wins, which led the Trump administration to file appeals.
Meanwhile, the tariff policy has sparked concern over potential consumer cost hikes.
This comes as Federal Reserve Chair Jerome Powell remains cautious about implementing further rate cuts, citing rising economic instability, according to a news agency.
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