Just before midnight on Wednesday, President Donald Trump shouted “It’s midnight!” as he announced the start of his new tariffs — even though the clock hadn’t quite struck 12 yet.
Trump declared, “Billions of dollars in tariffs are now flowing into the United States,” claiming these new taxes would bring money from countries that have “taken advantage of the United States for many years, laughing all the way.”
He warned, “The only thing that can stop America’s greatness would be a radical left court that wants to see our country fail!”
The timing of Trump’s dramatic announcement came while a federal court is still deciding whether he even has the legal power to impose these tariffs.
Typically, it’s Congress that controls trade with other countries. But Trump says he can do this under a law called the International Emergency Economic Powers Act, which lets the president act if there’s an “unusual and extraordinary threat.” Trump argues the threat is the long-running U.S. trade deficits.
Legal experts say Trump’s argument might not hold up in court, but the final decision hasn’t been made.
Despite all the drama, markets barely moved as the tariffs kicked in. The U.S. dollar’s value dropped just a bit.
