TRUMP SAYS HE'S "ANXIOUSLY" AWAITING SUPREME COURT RULING ON "RECIPROCAL" TARIFFS

WASHINGTON, Jan 21 (Bernama-Yonhap) -- United States President Donald Trump said Tuesday that he is “anxiously” waiting for a Supreme Court ruling on the legality of his administration's global tariffs, as he repeated his defence of the levies while touching on what could be a complicated tariff refund process in the event of a court loss, Yonhap News Agency reported.

Trump made the remarks during a press conference on his achievements during his first year in office, as the high court is weighing the legality of Trump’s use of the 1977 International Emergency Economic Powers Act (IEEPA) to impose “reciprocal” tariffs on South Korea and other trading partners.

“We’ve taken in hundreds of billions of dollars, and if we lose that case, it’s possible we’re going to have to do the best we can in paying it back.

“I don't know how that's going to be done very easily without hurting a lot of people, but we are waiting for that case anxiously,” he added.

He continued to defend his tariff policy on grounds of national security and federal revenue.

“We have tremendous national security because of tariffs and tremendous income we have and, by the way, no inflation,” he was quoted as saying. 

The Supreme Court however, did not issue a ruling on the tariff case despite expectations that a court decision could come as early as this week.

In August, a federal appeals court ruled that the IEEPA tariffs exceeded presidential authority, affirming a lower court’s decision issued in May.

In April, Trump announced his plans for reciprocal tariffs, arguing that a lack of "reciprocity" in trade with trading partners and their tariff- and non-tariff barriers led to “large” and “persistent” US trade deficits, which he claimed constituted an “unusual” and “extraordinary” threat to US national security and the economy.

During Tuesday's press meeting, Trump listed a series of “accomplishments” from key policy initiatives that his second administration has pushed over the past year, ranging from a drive to slash the federal government deficit to a campaign to stop illegal border crossings and efforts to end conflicts around the world.

He also mentioned a deal with South Korea, apparently referring to a bilateral trade agreement.

“(The administration) made a deal with South Korea and with Japan that gives us money, the likes of which nobody's ever seen before,” he said.

-- BERNAMA-YONHAP