Massive economic shake-up looms if tariffs are overturned, US trade representative warns
U.S. Trade Representative Jamieson Greer joins ‘Mornings with Maria’ to discuss the Supreme Court tariff showdown, potential $200B fallout and new progress in U.S.-China trade relations.
President Donald Trump said Sunday that people who do not support tariffs are "fools" and vowed to use the revenue generated from duties to fund a $2,000 dividend for Americans.
"People that are against tariffs are FOOLS! We are now the richest, most respected country in the world, with almost no inflation and a record stock market price," Trump wrote in a Truth Social post. "A dividend of at least $2000 a person (not including high-income people!) will be paid to everyone," he added.
TRUMP DEFENDS TARIFFS, SAYS US HAS BEEN ‘THE KING OF BEING SCREWED’ BY TRADE IMBALANCE
Total tariff revenue for fiscal year 2025 climbed to $215.2 billion, according to the Treasury Department. (Brandon Bell/Getty Images / Getty Images)
Trump also said that due to his economic agenda, manufacturing plants and factories are seeing "record investment." He also said that the U.S. will soon begin "paying down our ENORMOUS DEBT" which is currently hovering just north of $38 trillion, according to the latest numbers published by the Treasury Department.
Since Trump announced his "Liberation Day" tariffs in April, tariff revenues have climbed sharply from $23.9 billion in May to $28 billion in June and $29 billion in July. Total duty revenue reached $215.2 billion in fiscal year 2025, which ended Sept. 30, according to the Treasury Department’s "Customs and Certain Excise Taxes" report.
So far in fiscal year 2026, which began on Oct. 1, the U.S. has collected $35.9 billion.
Trump's remarks came amid renewed legal scrutiny of his trade policies, as the Supreme Court last week began hearing oral arguments on whether Trump has authority under the International Emergency Economic Powers Act (IEEPA) to impose tariffs and whether those actions violate the Constitution’s separation of powers.
TRUMP SAYS SUPREME COURT CASE ON TRADE IS 'LIFE OR DEATH' FOR THE US
The Supreme Court began hearing Trump's tariff case on Nov. 5, 2025. (Valerie Plesch/picture alliance/Getty Images / Getty Images)
A federal appeals court ruled on Aug. 29 that Trump overstepped his authority by using emergency powers to impose new tariffs on imported goods. The lower court said that power lies squarely with Congress or within existing trade policy frameworks. Now, the nation's highest court will decide the fate of Trump's trade agenda.
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The White House has previously defended Trump’s tariffs as a legitimate use of presidential powers to protect the economy in a statement to Fox News Digital.
"We look forward to ultimate victory on this matter with the Supreme Court," wrote White House spokesperson Kush Desai, ahead of the oral arguments at the Supreme Court.
