Trump warns of economic collapse: What if Supreme Court strikes down tariffs? US President’s response
US President Donald Trump has warned that the American economy could face severe damage if the Supreme Court overturns his tariff policy. In an interview at CBS’s “60 Minutes,” Trump was asked what will happen if US Supreme Court invalidates tariffs.”“I think our country will be immeasurably hurt. I think our economy will go to hell. Look, because of tariffs, we have the highest stock market we’ve ever had,” he answered.
The US President further added, “because of tariffs, 401ks at the highest level, and this is millions and millions of people that we’ve ever had, 401ks. I think it’s the most important subject discussed by the Supreme Court in 100 years.”The interview, conducted at Mar-a-Lago by Norah O’Donnell on Friday and published on Sunday (local time), marks Trump’s first appearance on the programme since he settled a $16 million lawsuit with CBS News earlier this year. CBS has not disclosed how the interview came about or whether any specific terms were set ahead of filming. Although O’Donnell is a former “CBS Evening News” anchor, she is not part of the regular “60 Minutes” correspondent line-up.
‘One of the most important cases’
Trump’s remarks come just days before the Supreme Court begins hearing a case which he has described as “one of the most important cases in the history of our country.” The proceedings will examine whether he had the legal authority to introduce broad tariff measures, with the challenge focused on his use of the International Emergency Economic Powers Act (IEEPA) as the basis for imposing the import taxes, CNN reported.Earlier this year, Trump used those emergency powers to push tariffs up to 50% on countries such as India and Brazil, and as high as 145% on China, measures that underpin his economic agenda.
Massive tax collection—$100 billion mark reached?
US Customs and Border Patrol data, cited by CNN shows that, as of September 23, American companies have paid close to $90 billion to cover the tariffs imposed under the International Emergency Economic Powers Act (IEEPA).That figure represents more than half of all tariff revenue collected by the US government in the 2025 fiscal year, which closed on September 30.Earlier, in an interview with Fox Business, Trump acknowledged that a loss in court could force the administration to reverse course. He said that if the Supreme Court ruled against him, “we’d have to pay back money” and reimburse companies for the billions they have already paid.Trump has repeatedly promoted the tariff revenue as proof of his strategy’s success, describing the money flowing into federal accounts as historic. “We have a lot of money coming in, much more money than the country’s ever seen,” Trump had said earlier, referring to the revenue generated through tariffs.Figures from the US Treasury Department show that the government collected nearly $30 billion in tariff revenue in July, marking a 242% increase compared to the same period last year. Since April, when Trump introduced a 10% tariff on almost all imported goods, followed by additional increases, total tariff collections have reached $100 billion, which is three times the amount collected in the same four-month segment last year.
