WORCESTER, Mass. - Following a federal trade court blocking President Trump’s attempts to impose sweeping tariffs on imports, an appeals court has allowed for the tariffs to continue for now, according to the Associated Press.
What You Need To Know
- An appeals court has allowed President Trump's tariffs to continue 'for now,' according to the Associated Press
- Victor Matheson, an economics professor at Holy Cross, warned there was plenty of tariff uncertainty ahead
- Prior to the appeals court ruling, a federal trade court blocked the tariffs
- The Trump Administration believes the tariffs will bring more factory jobs to the United States
Prior to the appeals court ruling, Victor Matheson, a professor of economics at the College of the Holy Cross, cautioned the trade court’s ruling would likely not be the end of ongoing uncertainty over tariffs.
“Just because one panel of judges has decided that this is not within the powers of the President doesn’t mean that he’s not going to continue to try and throw gas on his trade war,” Matheson said.
The Trump Administration believes the tariffs will bring more factory jobs to the United States, and while Matheson said Massachusetts has largely been able to weather the uncertainty, local manufacturers hoping to benefit from less foreign competition haven’t necessarily gotten a boost.
“Even if you were a firm who would say ‘Hey, it’s good that I’m getting protection from foreign competition,’ if you don’t know that you’re going to get that protection more than a weekend, you can’t make any sort of changes in any longterm investment,” Matheson said.
And on a more personal level as an economics professor, this past semester provided plenty of real-world scenarios for Matheson to discuss with his students.
“There’s an old Chinese proverb that says ‘May you have the good fortune to live in boring times,” Matheson said. “These were not boring times, unfortunately, in economics. The more interesting class is, the worse the world around us usually is, so while it’s fun for teaching, I will take a boring semester any year.”
President Trump had introduced the sweeping tariffs under an emergency-powers law, but they had been blocked the U.S. Court of International Trade blocked on Wednesday prior to the appeals court ruling.