US President Donald Trump on Thursday hailed his sweeping tariffs, saying they are having a huge positive impact on the stock market, with new records being set almost every day. Trump added that, apart from positively impacting the stock market, the tariffs are also pouring hundreds of billions of dollars into the country’s coffers.
However, Trump warned that if a radical left court were to rule against the tariffs, it would be impossible to ever recover or repay these massive sums, adding that it would be “1929 all over again—a Great Depression.”
“Tariffs are having a huge positive impact on the Stock Market. Almost every day, new records are set. In addition, Hundreds of Billions of Dollars are pouring into our Country’s coffers. If a Radical Left Court ruled against us at this late date, in an attempt to bring down or disturb the largest amount of money, wealth creation and influence the U.S.A. has ever seen, it would be impossible to ever recover, or pay back, these massive sums of money and honor. It would be 1929 all over again, a GREAT DEPRESSION! If they were going to rule against the wealth, strength, and power of America, they should have done so LONG AGO, at the beginning of the case, where our entire Country, while never having a chance at this kind of GREATNESS again, would not have been put in 1929 style jeopardy,” Trump wrote on Truth Social.
Trump’s remarks come as the US Court of Appeals for the Federal Circuit continues to examine the legality of the extensive tariffs he implemented under the International Emergency Economic Powers Act (IEEPA). Introduced in April 2025, these tariffs target a variety of US trading partners, including earlier measures imposed in February that targeted China, Canada and Mexico.
Trump’s tariffs are being contested by 12 Democrat-led states and five small American businesses, who argue that Trump overstepped his executive authority. They claim that the Constitution grants Congress, not the President, the exclusive power to impose tariffs and that the IEEPA does not justify such broad actions.
Recently, Trump imposed a 50 percent tariff on imports from India, citing its continued purchase of crude oil from Russia. This is the highest tariff ever imposed by Washington on any trading partner.