President Trump’s massive “Liberation Day” tariffs, imposed April 2, on goods imported from almost every country in the world are likely to do grave damage to the U.S. and world economies, impose an enormous tax increase on Americans (an average of some $1,300 per household per year), and poison relations with America’s allies. They are based in part on a completely nonsensical “reciprocity” formula, compounded by mathematical errors.

The tariffs are also a blatantly illegal usurpation of legislative power. That is why, on Monday, the Liberty Justice Center and I filed a lawsuit challenging the tariffs in court on behalf of five American import businesses severely harmed by them. We have a strong case.

Trump has partially paused the tariffs and—most recently—exempted smartphones and other electronics. But a whopping 10 percent tariff on nearly every nation in the world is still in effect, along with an enormous increase in tariffs for many Chinese goods (up to 145 percent). That is still the highest average tariff rate since 1909. And the additional massive “reciprocity” tariffs are only paused for 90 days, not canceled.

  • Hello_there@fedia.io
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    1 day ago

    Trump seems like he’s gonna learn what happens when you threaten profits of the caputal class. There’s no other reason the cato Institute would get involved.

    • EmptySlime@lemmy.blahaj.zone
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      23 hours ago

      It was only supposed to be a little instability Donald! Give us a little dip that we could use to buy up another chunk of the pie. NOT BLOW UP THE ENTIRE FOUNDATION OF INTERNATIONAL TRADE DONALD!

      • The Cato Institute, probably?
  • crusa187@lemmy.ml
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    19 hours ago

    Does it matter if Congress doesn’t give a shit that Trump stole their power?

    All hail the orange dotard in chief!