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News Topical, Digital Desk : US President Donald Trump warned on Friday that if the court ruled against the tariff, America could face a Great Depression like that of 1929. This case is going on in the US Court of Appeals for the Federal Circuit.
Trump wrote on his social media platform Truth Social, "The US economy is benefiting from the tariffs. The stock market is at new heights and billions of dollars are coming into the US."
Trump explained the benefits of tariffs
Trump believes that tariffs will increase domestic production in the US and will give the government another source of income instead of income tax. He wrote, “If a radical leftist court rules against us, we will never be able to replace this money and prosperity.”
He further said that this would be against America's wealth, power and global influence and it would have an impact on the future. Let us tell you, this entire matter has been raised under a law called IEEPA (International Emergency Economic Powers Act).
50% tariff imposed on India
Trump has recently imposed an import duty of up to 50% on goods coming from India. The reason behind this is said to be buying oil from Russia. There was already a 25% tariff, which has been increased to 50% which will come into effect from August 27.
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