‘The Big Money Show’ panel discusses U.S.- China trade talks after Treasury Secretary Scott Bessent said negotiations stalled.
President Donald Trump on Sunday said if the courts rule against the administration’s sweeping tariffs, it would mean the “economic ruination” of the country.
The post comes after the U.S. Court of International Trade (CIT) ruled unanimously on Wednesday to block the use of an emergency law to enact punishing import taxes.
Members of the three-judge panel, who were appointed by Trump, former President Barack Obama and former President Ronald Reagan, said Trump has overstepped and does not have “unbounded authority” to impose the tariffs.
FEDERAL JUDGE BLOCKS 5 TRUMP TARIFF EXECUTIVE ORDERS
President Trump warns of economic ruination if courts rule against his tariffs after the U.S. Court of International Trade blocks emergency import taxes. (Chip Somodevilla/Getty Images / Getty Images)
“If the Courts somehow rule against us on Tariffs, which is not expected, that would allow other Countries to hold our Nation hostage with their anti-American Tariffs that they would use against us,” Trump wrote on Truth Social Sunday afternoon. “This would mean the Economic ruination of the United States of America!”
Trump administration lawyers have until 5 p.m. Monday to file their response.
TRUMP DENOUNCES COURT’S ‘POLITICAL’ TARIFF DECISION, CALLS ON SUPREME COURT TO ACT QUICKLY
Reciprocal tariffs on some U.S. trade partners were set to go into effect on April 2. (Alex Edelman/Bloomberg via Getty Images / Getty Images)
Following the court decision, a federal appeals court on Thursday ruled in favor of the Trump administration, delaying a lower court’s ruling blocking the use of the International Emergency Economic Powers Act (IEEPA) to enact a 10% baseline tariff and “reciprocal tariffs.”
The reciprocal taxes, announced by the White House on April 2, were being used by the Trump administration as a negotiating tactic with other countries prior to the court battles.
President Donald Trump displays a signed executive order imposing tariffs on imported goods during an event at the White House on April 2. (Andrew Harnik/Getty Images / Getty Images)
The Court of Appeals for the Federal Circuit gave the plaintiffs until Thursday to file a response, and the Trump administration until June 9.
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Fox News Digital’s Breanne Deppisch contributed to this report.
