Piper Sandler managing director and senior economist Jake Oubina weighs in on tariff deadlines, Fed chair nominations and what all of it means for U.S. traders on ‘Mornings with Maria.’
President Donald Trump claimed on Sunday that tariffs are driving greater than $15 trillion in new U.S. funding and that if courts ought to strike them down, the U.S. would possible change into a “Third World Nation.”
Trump’s submit is available in direct response to a federal appeals court docket delivering a significant authorized setback to his commerce coverage, declaring most of his sweeping tariffs illegal underneath the Worldwide Emergency Financial Powers Act, or IEEPA.
The choice helps earlier rulings by the U.S. Court docket of Worldwide Commerce.
TRUMP SAYS US WOULD BE ‘DESTROYED’ WITHOUT TARIFF CASH
U.S. President Donald Trump holds up a chart of “reciprocal tariffs” whereas talking throughout a “Make America Rich Once more” commerce announcement occasion within the Rose Backyard on the White Home on April 2, 2025 in Washington, DC. (Chip Somodevilla/Getty Photographs / Getty Photographs)
Though they’re nonetheless in impact, the tariffs face an unsure future until the Supreme Court docket intervenes. The keep delays enforcement till mid-October.
Trump added that if the “Radical Left Court docket” struck down the tariffs, nearly all of the anticipated investments would collapse, making the U.S. a “third-world nation” with no path again to greatness.
“If a Radical Left Court docket is allowed to terminate these Tariffs, nearly all of this funding, and way more, can be instantly cancelled! In some ways, we might change into a Third World Nation, with no hope of GREATNESS once more. TIME IS OF THE ESSENCE!!! ” Trump wrote.
US President Donald Trump throughout a cupboard assembly on the White Home in Washington, DC, US, on Tuesday, Aug. 26, 2025 (Aaron Schwartz/CNP/Bloomberg through Getty Photographs / Getty Photographs)
Impartial analyses have discovered zero proof to assist Trump’s $15 trillion determine. In keeping with Reuters and FactCheck.org, the White Home’s personal “Trump Impact” web site lists about $2.6 trillion in introduced investments, with a broader tally of $5.1 trillion when together with pledges – nonetheless far beneath Trump’s declare.
President Donald Trump, joined by FDA Commissioner Martin Makary, Nationwide Institutes of Well being (NIH) Director Jay Bhattacharya, Well being and Human Companies Secretary Robert F. Kennedy Jr., and Administrator for the Facilities for Medicare & Medicaid (Tom Brenner for The Washington Submit through Getty Photographs / Getty Photographs)
TRUMP CALLS TARIFF WINDFALL ‘SO BEAUTIFUL TO SEE’ AS CASH SAILS IN
In his submit, Trump pushed what he described because the financial advantages of his commerce insurance policies, boasting that costs are “WAY DOWN,” and that inflation is nearly nonexistent because of the tariffs pouring “Trillions” into the economic system.
“Costs are ‘WAY DOWN’ within the USA, with nearly no inflation. Except for ridiculous, corrupt politician accepted ‘Windmills,’ that are killing each State and Nation that makes use of them, Power costs are falling, ‘large time,’” he mentioned.
He additionally identified that gasoline is at a low and that tariffs are making “America STRONG and RESPECTED AGAIN!!!.”
A gasoline pump is inserted inside an Audi automobile at a Mobil gasoline station in Beverly Boulevard in West Hollywood, California, U.S. (REUTERS/Bing Guan / Reuters Images)
“Gasoline is at many yr lows. All of this regardless of magnificent Tariffs, that are bringing in Trillions of {Dollars} from International locations that took whole benefit of us, for many years, and are making America STRONG and RESPECTED AGAIN!!!,” he added.
A chart evaluating 2024 and 2025 each day tariff income utilizing Penn Wharton’s Price range Mannequin primarily based on information from U.S. Division of the Treasury. Numbers not adjusted for inflation. (Penn Wharton Price range Mannequin / Fox Information / Fox Information)
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Nevertheless, economists dispute that characterization, pointing to U.S. Treasury Secretary Scott Bessent‘s remarks that present annual tariff revenues are nearer to $500 billion, collected from U.S. importers slightly than overseas governments. The Congressional Price range Workplace initiatives a complete of $2–2.8 trillion over the subsequent decade, whereas official Bureau of Labor Statistics information exhibits that inflation, although cooling, hasn’t been “nearly nonexistent.” Analysts say the numbers spotlight a stark distinction between Trump’s rhetoric and the financial consensus.
