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8h ago

Appeals Court to Rule on Trump’s Near-Century High Tariffs as President Warns of ‘Great Depression’

Tariffs now average 18 percent on imports from nearly 100 countries, raising concerns that they will stoke inflation, squeeze profit margins, fuel stagflation risks, increase recession chances.

The Port of Oakland saw a sizable surge in imports last month, likely due to companies trying to front load product ahead of expected tariffs.
The Port of Oakland in Oakland had a busy July, and that rate continued into the first week of August.
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Overview

  • The tariffs, averaging 18 percent and applied to imports from nearly 100 countries, are the highest U.S. rates since 1933.
  • The U.S. Court of Appeals for the Federal Circuit is set to decide whether the International Emergency Economic Powers Act legally supports Trump’s sweeping duties.
  • President Trump has touted record stock market gains and billions in tariff revenue while warning that striking down the measures would trigger a “1929-style Great Depression.”
  • Economists predict the duties will lift consumer prices toward 3.5 percent by year-end and maintain about a 40 percent probability of recession.
  • The appeals court’s ruling will determine the administration’s authority to enact broad trade actions and shape the policy’s future impact.