@law5960 He's ignored every court ruling so far, including from SCOTUS. I doubt that will change now.
I personally have whiplash from the tariff hokey pokey. Time for a grown-up in the White House. Thank God for the courts, they are making him meltdown, and he may not be able to govern much longer. I feel his departure.
@averylegacy The whiplash continues. Now the appellate court has temporarily stayed the order of the International Trade Court, making the tariffs active again. Then, a federal district court in D.C. entered an injunction against some tariffs after finding that they are probably illegal. That would stop them from being enforced EXCEPT that judge stayed his own order for two weeks so the government would have time to appeal. So, the tariffs remain in place.
I wouldn't be surprised if the appellate courts say that since the tariffs are now in place, they are the "status quo," and the status quo can be preserved by allowing them to remain in place while the legal processes play out. That could very well take us to the midterm elections.
By then, the U.S. economy is likely to be in tatters and the Democrats can blame those tariffs as well as the other things this administration will do in the meantime. If the tariffs did not remain, the administration would probably find other ways to destroy the economy and the Republicans could blame the ending of the tariffs for the economic mess. Until then, who knows what Trump's "taco" approach to tariffs will give us.
From Yahoo News: The Treasury just declared the U.S. insolvent. The media missed it.
From Yahoo News: The Treasury just declared the U.S. insolvent. The media missed it.
Yep. But, as Heather Cox Richardson said, that problem is solvable the minute we start taxing the billionaires.
Does that mean DJT has actually bankrupted the USA? Our forefathers absolutely forbade our country from not paying its debts. But few ppl have had more experience bankrupting entities while walking away rich than DJT.
@classictravelr Technically, no. The US has been essentially bankrupt since it left the gold/silver standards in the sixties, but everyone just quietly agreed that they would pretend it wasn't because it was expedient. Also, there was always the "outstanding asset" of the "Petro-Dollar", which is the fact that for decades, the agreement with Saudi Arabia and other oil-producing nations was that any oil purchased had to be bought with USD. That has meant that any nation buying oil had to buy USD first in order to do so, which has kept the USD propped up without regard to the incredibly high and growing US debt.
Iran is now requiring all oil purchases to be made exclusively in Chinese Yuan. They are refusing to accept USD, Euros, or any other currency for Iranian oil purchases. The USD is being pushed out as the currency of choice/necessity for that market, so other countries will no longer be forced to buy/use it. Therefore, on top of the astronomical debt that has been piled on since the Orange One has been in charge, you can guess what's going to happen to the USD when no one needs/wants to buy it.
In addition, at least one country in Europe (Denmark, I think? Maybe not, I don't remember now) has completely sold off all of its US debt. Remembering that China alone holds in excess of $950 billion in US debt instruments, if they and/or any/every other nation that holds US bonds/T-bills did the same thing, the US economy would evaporate literally overnight.