Trump raises the global tariff to 15% from 10% announced yesterday (Truth Social)

Joey PolitanošŸ³ļøā€šŸŒˆ's avatar
4mo

ah, I almost forgot how bad it is to work on an entire article only to have Donald Trump completely change the tariff rates just as I finish

Donald J. Trump @realDonaldTrump + Based on a thorough, detailed, and complete review of the ridiculous, poorly written, and extraordinarily anti-American decision on Tariffs issued yesterday, after MANY months of contemplation, by the United States Supreme Court, please let this statement serve to represent that I, as President of the United States of America, will be, effective immediately, raising the 10% Worldwide Tariff on Countries, many of which have been "ripping" the U.S. off for decades, without retribution (until I came along!), to the fully allowed, and legally tested, 15% level. During the next short number of months, the Trump Administration will determine and issue the new and legally permissible Tariffs, which will continue our extraordinarily successful process of Making America Great Again - GREATER THAN EVER BEFORE!!! Thank you for your attention to this matter. President DONALD J. TRUMP 8 ReTruths 22 Likes 2/21/26, 10:59 AM
Martin Baccardax's avatar
4mo

Friday: you now have absolute certainty on tariffs Saturday: I am raising the tariff to 15%

Carl Quintanilla's avatar
4mo

Simon Lester's avatar
4mo

At least now there will be a Section 301 comment process that lawyers and lobbyists can use to make submissions and bill their clients!

Simon Lester's avatar
4mo

The economic concerns that motivated Congress to enact Section 122 are not present today.

There is a tariff-free window?

Ivan the K ā„¢'s avatar
4mo

Following up on this, it appears the window is open. www.whitehouse.gov/presidential-... cc:@eamonjavers.bsky.social

Something about Section 122 from yesterday

Simon Lester's avatar
4mo

I wrote something about the new Section 122 "temporary import surcharge" -- let's just call it a tariff though, right? -- but it won't answer many of your questions, so don't get your hopes up too high!

Section 122 as a (Partial) Replacement for the IEEPA Tariffs

Apparently, this is the era of dusting off old international economic policy statutes and figuring out what they mean and how they work. After the Supreme Court's ruling today in Learning Resources, h...

ielp.worldtradelaw.net

EconReporter's avatar
4mo

Is that really a problem? These are... treasuries we are talking about?

Menzie Chinn's avatar
4mo

Section 122 invocation vs. reality (reserves, the $)... #EconSky econbrowser.com/archives/202...

Steve Craven's avatar
4mo

Maybe. Most 301 cases seem to take a year or more. 232 might be a little quicker but requires establishing that foreign practices are a national security threat. There are significant hurdles to get over for both which, of course, is why Trump went with his IEPPA shortcut.

Bancroft Sutherland's avatar
4mo

For them to frame this chart as a bad thing is wild. And worth noting that all the deals that are supposedly being cut to have foreigners make huge investments in US manufacturing etc. would exacerbate the very "problem" they are describing.

US Liabilities by Category, in which Portfolio Investment, Direct Investment, and Other Investment are all trending higher.

Kevin Hassett "retracts" his comment on disciplining NY Fed researchers (Larry Kotlikoff Substacks)

Nick Timiraos's avatar
4mo

Hassett retracts his admonition of the Fed economists: ā€œThe Fedā€™s independence extends to its research. It and it alone must decide what research to conduct to further its mission. The authors of this study are all excellent economists.ā€ larrykotlikoff.substack.com/p/kevin-hass...

Paul Krugman's avatar
4mo

This wasn't an apology, or a real retraction. It was basically "I'm sorry you feel that way."

Justin Wolfers's avatar
4mo

Good news: Happy Kevin walks back his call for NY Fed economists to be disciplined. Bad news: It's bullshit. He says the Fed should stay out of issues like... whether tariffs cause inflation. But inflation is central to monetary policy! He's still saying: The regime shall not be contradicted.