On Friday, famous economist Peter Schiff criticized US trade policy as president Donald Trump lashed out at the Supreme Court, unveiling a new 10% global rate after a major legal setback.
Schiff returns to the ‘Ripping Off’ story
Schiff took over X to challenge the long-standing claim that foreign nations are exploiting the US through trade deficits.
“No country has deposed America,” Schiff wrote. “We are robbing the world by exchanging our fiat money for the consumer goods that our trading partners produce.”
He warned that if imports slowed due to rising tariffs, Americans could face higher prices at home, arguing that inflation would no longer be cushioned by the dollar’s global reserve status.
Supreme Court blocks emergency tariff authority
On Friday, the Supreme Court ruled 6-3 that the International Emergency Economic Powers Act does not give the president the authority to impose tariffs.
The majority held that Article I of the Constitution gives Congress the power to levy taxes and duties.
Trump sharply criticized the ruling, saying he was “ashamed” of certain members of the Court while praising the dissenting justices.
He announced a global tariff of 10% under Article 122 of the Trade Act 1974. The provision allows temporary tariffs of up to 15% for 150 days to address balance of payments issues.
Trump said existing national security tariffs under Sections 232 and 301 would remain in place and indicated he could pursue even stronger trade measures.
US inflation drops to 2.4% in January
The escalation comes after recent data showed U.S. inflation cooled to 2.4% annually in January, raising questions about whether new rates could reverse the trend.
This figure came in lower than economists’ forecast of 2.5% and represented the weakest annual inflation rate since May 2025.
Month over month, the consumer price index rose 0.2%, lagging both the previous month’s gain and Wall Street’s expectations of 0.3%.
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