WASHINGTON — President Donald Trump signaled his intention to impose tariffs on countries that have gained export competitiveness through currency manipulation, even as the U.S. Supreme Court ruled reciprocal tariffs unlawful.
Speaking to reporters at the White House before meeting with German Chancellor Friedrich Merz on the 3rd (local time), Trump said, "We should impose tariffs on countries that play with money." He added, "As you know, they move money around like a yo-yo."
"We need to take care of countries that have been fair to us, but many countries have not, and we have not allowed them to take advantage of America," Trump said, defending the legitimacy of reciprocal tariffs.
The remarks are interpreted as a willingness to pressure through tariffs those countries that have secured export competitiveness via currency adjustment or monetary policy. Trade friction with major trading partners is expected to intensify.
Trump devoted most of his press conference to his tariff agenda. Despite the Supreme Court ruling on May 24 that tariffs imposed under the International Emergency Economic Powers Act (IEEPA) were unlawful, he claimed, "We won on tariffs."
"It reaffirmed that America has various tariff options," Trump said. "When a specific country doesn't treat us well, the president has the right to immediately stop all business with that country without going through Congress. But he doesn't have the right to impose tariffs on them, which is ridiculous."
Treasury Secretary Scott Bessent, who attended the meeting, said, "The Supreme Court reaffirmed the president's ability to implement embargoes." He added that Section 301 of the Trade Act and Section 232 of the Trade Expansion Act "have defended over 4,000 lawsuits, and the USTR and Commerce Department will begin investigations."
Trump said, "We have a maximum period of five months and can go to 15% during that time." He added that the administration is also considering imposing different tariff rates by country.
Following the Supreme Court ruling, the Trump administration announced 10% global tariffs under Section 122 of the Trade Act, stating the next day they "could go up to 15%." Trump reconfirmed this position but did not specify timing for any increase.
Meanwhile, the U.S. Court of Appeals remanded the case invalidating IEEPA-based tariffs back to the Court of International Trade (CIT) to determine refund procedures. The ruling is expected to initiate legal proceedings over approximately $130 billion in tariff refunds.