Trump claims world would be in a depression without US tariffs

"Well, I heard the court case went well today," Trump said in an interview with Fox News, adding that "it would be devastating for our country if we lost that. Devastating. I think it's one of the most important, maybe the most important, but one of the most important cases in the history of our country."

The US Supreme Court began hearing arguments Wednesday in a landmark case challenging Trump's use of emergency powers to impose sweeping tariffs, in a dispute that could redefine presidential authority over trade.

"If I didn't have tariffs, the entire world would be in a depression. Because, you know, that wasn't a threat against us. That was a threat against the entire world. I did this for the world," he claimed.

Saying that his tariffs on China were critical to stabilizing the global economy, Trump said: "I can guarantee you this: If I didn't put a 100% tariff immediately on China, the entire world -- because of magnets, a special kind of rare earth, etcetera -- we'd be closed up."

"We had a very successful meeting with President Xi (Jinping) of China and others. Without tariffs, that would not have taken place," he added.

Trump's tariffs, possible outcomes

Starting at 10% for many countries, the tariffs have been raised to 50% for most items from Brazil and India.

As of September, which marked the end of the fiscal year, the US generated $195 billion in tariff revenue. From February to September, around $176 billion in tariffs entered the Treasury Department.

On Tuesday, Trump described the case as "literally, life or death" for the country, emphasizing what he sees as critical stakes for its economic and national security.

Those opposing the tariffs argue that interpreting the International Emergency Economic Powers Act's (IEEPA) authority to regulate imports in emergencies as allowing the president to impose unilateral tariffs at a global scale raises constitutional issues. However, the Trump administration argues that reciprocal tariffs were fully compliant with the law.

If the court rejects Trump’s argument, the president will not be able to leverage IEEPA for future tariffs.