Trump’s ‘Liberation Day’ Tariffs: National Emergency or National Circus?
On November 5, the Supreme Court will audition for ‘Presidential Powers: The Tariff Edition,’ debating if Trump’s 10% ‘Liberation Day’ tariffs on almost every imported product worldwide — with Brazil and India facing extra taxes for their trouble — are legal. Trump claims a 1977 Cold War-era law, IEEPA, lets him slap tariffs like they're mixtape drops during a declared national emergency, complete with his dramatic speech about America being 'looted, pillaged, raped, and plundered.' Meanwhile, small businesses like Victor Schwartz’s New York-based wine import outfit are bravely battling in court after 'big guys' declined to duke it out. Experts warn losing would force Trump into the bureaucratic slow lane of traditional tariffs, which come with investigations and expiry dates — aka political quicksand. The stakes? Four times the revenue of his previous tariffs and potentially a Supreme Court blueprint for presidential tariff mayhem.
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President Trump declared a national emergency on trade deficits and unleashed 10% tariffs on almost every country, branding it 'Liberation Day'—because nothing says freedom like taxing your neighbors into submission while the Supreme Court watches popcorn-ready.
Trump using a 1977 Cold War law to play tariff God is economic improv theater starring 'Looted, Pillaged, and Plundered USA' as its ironically scripted plot twist.
Small business sues Trump’s ‘Liberation Day’ tariffs because the usual corporate cowards are busy cowering—proof that sometimes David has better Yelp reviews than Goliath.
Source: Businessinsider | Published: 11/2/2025 | Author: Jacob Shamsian
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