The Trump administration, in documentation filed with a federal appellate court, warned that overturning the president’s tariffs could trigger an economic collapse comparable to the Great Depression of 1929, potentially endangering programs such as Social Security and Medicare.
In a letter to the U.S. Court of Appeals for the Federal Circuit, Solicitor General D. John Sauer and Assistant Attorney General Brett Shumate argued that striking down the tariffs could force the United States to repay trillions of dollars from deals that are not yet fully executed, reports Axios on Tuesday.
They said such a reversal would risk the collapse of agreements reached with countries including Japan, South Korea, and the European Union, which involve more than $1 trillion in planned investments for U.S. projects.
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