Trump: Tariff decision "an emergency," will appeal as soon as Wednesday
President Trump on Tuesday said a court's ruling blocking most of his tariffs "was an emergency," and that the administration would seek an immediate hearing from the Supreme Court.
- "We're going in as an emergency - we'll be probably be doing it tomorrow ... you see the stock market, this decision is an emergency."
- "There's a pall over the country waiting for the Supreme Court," Trump said.
- "If that decision would be lost it would be an economic disaster for the United States," Trump said on Tuesday.
- "Our country will be weak, pathetic and not rich" if the tariffs are reversed, Trump said, adding that the levies have acted as leverage in negotiated peace deals.
- Such an appeal might come as soon as tomorrow, Trump said.
Why it matters: The centerpiece of Trump's economic agenda is hanging in the balance.
What they're saying: "This decision's an overhang," Trump said on "The Scott Jennings Radio Show" on Tuesday. "It's an emergency."
By the numbers: Stocks were down more than 1% Tuesday afternoon, in part as bond yields rose sharply over concerns about the impact of lost tariff revenue.
The intrigue: Trump and top White House economic officials have warned about severe consequences if tariffs are not allowed to continue, including the disappearance of tariff revenues.
What to watch: On Friday, a federal appeals court ruled that most of Trump's tariffs were illegal but said they could stay in effect until Oct. 14 while the administration files for an appeal.
This is a developing story.