On October 24, local time, court documents showed that nearly 50 economists, including former Federal Reserve Chairman Ben Bernanke, former U.S. Treasury Secretary Yellen, former White House Council of Economic Advisers Chairman Mankiw and former Congressional Budget Office Director Douglas Holtz-Eakin, submitted documents urging the U.S. Supreme Court to overturn most global tariffs imposed by U.S. President Trump.
The document states that trade deficits between the United States and other countries are foreseeable, and not the “unusual and special” threats referred to in the emergency laws cited by the Trump administration.In addition, “reciprocal tariffs cannot ‘solve’ trade deficits, instead, they will have trillion-dollar impacts on the economy, which will affect every family and state.”
The U.S. Supreme Court will hear oral arguments on the legality of Trump's tariffs on November 5 local time. (Interface News Wang Weizhe)