Live updates: S&P 500 soars 7% after Trump announces 90-day pause on tariffs, raises taxes on China
apnews.com
Facing a global market meltdown, President Donald Trump on Wednesday abruptly backed down on his tariffs on most nations for 90 days, but raised his tax rate on Chinese imports to 125%.
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  • sasquash@sopuli.xyzEnglish
    1 year

    Billions will suffer just because of one moron. Mankind 2025 is not a step further than 1000 years ago. We are just more.

    • Sibshops@lemm.eeEnglish
      1 year

      To be fair it’s not just Trump. 2/3 of congress could step in at any time to take tariff powers away from the president, but they choose not to.

      • freebee@sh.itjust.worksEnglish
        1 year

        Yeah it’s a bit nuts that in a “democracy” 1 nutcase has all the buttons and can seemingly decide almost anything by “executive order” outside of parliamentary control, not even fake voting on policy in parliament.

        • catloaf@lemm.eeEnglish
          1 year

          That happens when the elected legislature decides to stop doing their job in favor of the unitary executive.

        • bishbosh@lemm.eeEnglish
          1 year

          They actually can’t they’ve just spent decades packing the judicial system that was meant to hold them accountable, while their opponents watched and did nothing.

      • evasive_chimpanzee@lemmy.worldEnglish
        1 year

        They actually can’t take tariff powers away from him because he doesn’t even have tariff powers. He has power over the people who would collect tariffs, and he has instructed them to collect them.

        The end result is the same, but I think it’s important to keep noting that he can’t legally do this.

          • evasive_chimpanzee@lemmy.worldEnglish
            1 year

            The act that they performed this under is the “International Emergency Economic Powers Act” which allows the president to declare a national emergency and take some other actions if there is an:

            unusual and extraordinary threat… to the national security, foreign policy, or economy of the United States

            It specially says the powers:

            may not be exercised for any other purpose

            The Powers include:

            (1) At the times and to the extent specified in section 1701 of this title, the President may, under such regulations as he may prescribe, by means of instructions, licenses, or otherwise— (A) investigate, regulate, or prohibit— (i) any transactions in foreign exchange, (ii) transfers of credit or payments between, by, through, or to any banking institution, to the extent that such transfers or payments involve any interest of any foreign country or a national thereof, (iii) the importing or exporting of currency or securities, by any person, or with respect to any property, subject to the jurisdiction of the United States; (B) investigate, block during the pendency of an investigation, regulate, direct and compel, nullify, void, prevent or prohibit, any acquisition, holding, withholding, use, transfer, withdrawal, transportation, importation or exportation of, or dealing in, or exercising any right, power, or privilege with respect to, or transactions involving, any property in which any foreign country or a national thereof has any interest by any person, or with respect to any property, subject to the jurisdiction of the United States; and.[1] © when the United States is engaged in armed hostilities or has been attacked by a foreign country or foreign nationals, confiscate any property, subject to the jurisdiction of the United States, of any foreign person, foreign organization, or foreign country that he determines has planned, authorized, aided, or engaged in such hostilities or attacks against the United States; and all right, title, and interest in any property so confiscated shall vest, when, as, and upon the terms directed by the President, in such agency or person as the President may designate from time to time, and upon such terms and conditions as the President may prescribe, such interest or property shall be held, used, administered, liquidated, sold, or otherwise dealt with in the interest of and for the benefit of the United States, and such designated agency or person may perform any and all acts incident to the accomplishment or furtherance of these purposes.

            Noticeably absent from that list is tariffs. Under the major questions doctrine, the fact that congress did not specifically delegate that power to the executive branch means that it did not do so.

            • Sibshops@lemm.eeEnglish
              1 year

              I’m not a lawyer so I can’t interpret the law. However, the judicial branch can and there haven’t been any rulings which have indicated that the president didn’t have the power to set tariffs.

              Another law would be needed to be passed so judicial rulings could say the president didn’t have this power.

              • catloaf@lemm.eeEnglish
                1 year

                Powers not granted to the federal government by the Constitution are reserved to the states, or the people. The Constitution grants the power to impose tariffs, but it does not grant the authority to delegate that power.

                I’m sure SCOTUS has ruled that there’s some allowance, but that’s legislating from the bench.

                • Sibshops@lemm.eeEnglish
                  1 year

                  I think our opinions on the law are irrelevant here. The SOCTUS said it’s lawful for the president to impose tariffs. So the only way to change the SOCTUS decision is to pass another law making it explicit that the president doesn’t have these powers.

    • Gordon Calhoun@lemmy.worldEnglish
      1 year

      Hey hey hey, don’t fret. The aristocracy will still be okay. At least, the rarified ultrastocracy will be. Remember, in trying times like these, we all really need to remember to think about the billionaires and their degree of well-being.