President Donald Trump warned that a court ruling against his sweeping tariff policy could cause an economic collapse akin to the Great Depression of 1929, saying the U.S. “would be impossible to ever recover” from such a decision. Writing on Truth Social, Trump argued that any judicial rejection of the plan should have occurred “LONG AGO” and voiced confidence the courts would side with him.
The tariffs, which took effect Thursday, have rattled global trade markets. On Thursday, the Dow Jones Industrial Average closed down 0.5%, while the S&P 500 fell 0.1% and the Nasdaq rose 0.4%. Markets rebounded Friday, with the Dow up 0.6% and the S&P 500 gaining 0.8%.
The U.S. Court of Appeals for the Federal Circuit is weighing whether Trump’s use of the International Emergency Economic Powers Act (IEEPA) to impose tariffs is constitutional. The 1977 law allows economic sanctions in response to an “unusual and extraordinary threat.” Critics, including former House Speaker Paul Ryan, believe the Supreme Court will strike down the use of IEEPA for tariffs, forcing Trump to rely on more restrictive trade laws.
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