The Supreme Court’s landmark ruling that most of Trump’s tariffs were illegal (but not levies on Canadian steel, aluminum, lumber and automobiles) was blasted by the president as “disgraceful,” while he dismissed the idea that his new tariffs would prove short-lived.
Under the 1974 Trade Act, the president is permitted to impose tariffs for up to 150 days but would require Congressional approval for an extension after that.
Trump torched that idea. “We have a right to do pretty much what we want to do,” he told reporters.
US Treasuries, which strongly influence 30-year fixed mortgage rates, ticked higher throughout the day but barely wobbled after Trump announced the new tariffs.
Some analysts believe the Supreme Court ruling could set the stage for a quicker pace of Federal Reserve rate cuts this year, although it remains to be seen whether that picture changes if Trump’s new tariff comes into play. Others, meanwhile, aren’t convinced the new tariff will last for long.
