U.S. President Donald Trump has said in a Truth Social post on Monday that it would be impossible to repay back tariffs.
“The actual numbers that we would have to pay back if, for any reason, the Supreme Court were to rule against the United States of America on Tariffs, would be many Hundreds of Billions of Dollars,” said Trump on Truth Social.
“and that doesn’t include the amount of “payback” that Countries and Companies would require for the Investments they are making on building Plants, Factories, and Equipment, for the purpose of being able to avoid the payment of Tariffs.”
Trump concluded his post by saying that “we’re screwed” if the Supreme Court were to rule unfavourably against tariffs and their legality on account of national security concerns.
Trump first rolled out tariffs last year in April on ‘Liberation’ day, laying substantial import fees on multiple countries around the world; the highest level of tariffs seen in more than a hundred years.
As of now, multiple cases have been lodged concerning the legality of Trump’s tariffs, with the Supreme Court yet to issue rulings, which could happen on January 14th, according to Reuters, depending on what cases will be decided for the day.
A media release by the U.S. Customs and Border Protection said tariff revenue between January 20th and December 15th of last year amount to $200 billion.