Name: Trump claims US will 'suffer so greatly' if he loses tariff case
Uploaded: 2025-09-04T22:46:52.000Z
Duration: 7 min 44 s
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Basic passive voice

What if as a federal appeals court recently ruled what if most of President Trump's tariffs are based on a misreading of the law and are unconstitutional what if The u.s.

Supreme Court upholds that ruling what if the u.s.

The second conditional

Treasury then has to refund More than two hundred billion dollars to businesses that paid those tariffs Here are President Trump's rather dire answers both yesterday and today If you took away tariffs We we could end up being a third world country if we don't win that case our country is going to suffer so greatly Sounds bad CNN's Vanessa Yurkovich is at the magic wall Vanessa.

What kind of a potential mess might we be looking at here?

It's very messy because we've never had tariffs at this scale and we've never talked about a refund check totaling more than 210 billion dollars This is the amount that the US government has collected through August 24th from tariffs and reminder to folks out there Who's paying this?

This is US businesses that have paid this much money because of the Trump administration's tariffs now Where do we stand exactly?

so on Friday there was an appeals court that ruled that Trump's tariffs were unlawful because He was using the powers act an emergency powers act also known as IEPA and the Judge essentially said that's unlawful So the Trump administration now is planning to appeal that with the Supreme Court However, if they're not successful Jake the ruling goes into effect on October 14th Which means that the US government is going to have to stop collecting tariffs and pay back all of that money to US businesses How does that happen?

Well, no one really knows but here are some guesses from experts The government could either just refund all the tariffs to those US businesses and importers who have paid them They could argue that they're only going to refund the tariffs to the plaintiffs that were on that ruling on Friday And that's just a few that's not a lot of businesses or they could require the federal government could require Individual importers or individual businesses to request refunds Jake we're talking about Thousands thousands of businesses that would have to make those requests that would surely take a lot of time And could be quite confusing for businesses who are just trying to do the math on how much they have paid so far and Vanessa While this is all going on.

We're gonna get a lot of information about the job market this week today We got the first part of this data.

We got the jolts report earlier today and that talks about openings hirings and separations layoffs or firings What we saw in this new report this morning was a little bit different than what we've been seeing We saw now that there are fewer jobs available.

So about less than one job per job seeker You see the numbers right there jobs open seven point one eight million those looking for a job those unemployed 7.2 million so now the job seeker no longer has the upper hand as they had in the pandemic and that is really a Softening of the labor market which really supports what we saw in the July jobs report when we saw a really really meager 73,000 jobs added in the month of July President Trump was really upset by that and he fired the head of the Bureau of Labor Statistics because of that Where are the jobs openings increasing?

Well health care and social assistance This is a category that has seen a lot of robust hiring a reversal here fewer jobs opening in that category Fewer jobs by down by more than a hundred thousand in retail and trade mining and lodging also fewer openings Some increases that we've seen increases in positions Constructions, we know construction.

We know the president's gonna like that manufacturing as well and wholesale trade Jake I will just say that this is a snapshot of the labor market A lot of folks are looking to that major US government jobs report later this week on Friday That is what the president is also going to be looking at to see if those numbers are to his liking Jake Yeah, interesting Vanessa your capers.

Thanks so much Let's explore the possibilities with an expert wealth and investment manager firm president Ross Gerber Ross If the courts rule that Trump's tariffs are illegal the US Supreme Court How much of a blow could this be to Trump and to the economy Well, it's a much bigger blow to Trump than the economy I think it's actually good for the economy this idea that it's somehow bad For the economy to take away this huge tax on American consumers is actually false and the refunds would all all go back to u.s Companies that are paying this so so I don't see how that's a negative when the tariffs are the the problem and I think really where the negative is is it's a huge blow to Trump's belief system that Executive orders are the way to put his policies in place Versus doing it the correct way the way our Constitution states that Congress has the right to make these tariffs and laws These exceptions that Trump are using are for very limited purposes and and for national security Issues and and it's just hard to argue that putting tariffs on every country in the world is a national security issue so so I don't know where this goes, but it's more another blow to Trump's style of managing this country and It's a severe blow because I think he fundamentally doesn't understand the separation powers of the United States speaking of Trump's style Vanessa was talking about the Bureau of Labor Statistics is going to have the new jobs numbers this Friday And I was just wondering how do you think they're going to be received on?

Wall Street given the fact that he fired the last BLS Bureau of Labor Statistics director because he didn't like Numbers and he said some really just demonstrably false things about numbers She'd put out to help Joe Biden that or Kamala Harris rather that she actually had not do you think people are going to take the BLS numbers on face value because of all the Experts and serious policy people at BLS or are people going to wonder hmm Are these shaded just because Trump didn't like the last bad numbers?

I Spent a lot of time actually on the Bureau of Labor Statistics websites reading these reports and there's literally thousands of inputs These are factual numbers that are gathered throughout our country through an extensive process.

That is beyond belief to be honest It's incredibly detailed and so the idea that the numbers would be manipulated out of either fear or desire I think it's possible, but probably not probable.

So I'm not going to discount the numbers I always kind of use my own numbers.

Anyways, I think smart, you know Financial firms have other methods than just using CPI and BLS numbers to determine inflation and employment and from my own You know numbers we're seeing a softening in employment, but it's still a pretty strong economy So we expect more of the same of that and but I think the idea that somebody might lose their job Because of a bad number is a very very poor way to manage the government Once again, these are not political people These are statisticians that work for our government and they don't care who's president, you know When you work in the State Department or you work in a lot of these places you work for the US government and it's not Politics and I think that's the mistake that Trump's making is that many of these people could care less who's president They do their jobs and they try to do them well, and it's for the benefit of our country Ross Gerber Thanks so much.