3,500 Corporations So Fed Up With Trump's Tariffs They Sue the US

Mish

Thousands of companies file trade lawsuits against the US over Trump's tariffs.

Coca Cola, Disney, Ford, Abbott Labs, Tesla, and Home Depot are among the Thousands of Companies Suing the US Over Tariffs.

About 3,500 U.S. companies, including Tesla Inc, Ford Motor Co , Target Corp, Walgreen Co, and Home Depot have sued the Trump administration in the last two weeks over the imposition of tariffs on more than $300 billion in Chinese-made goods.

The suits, filed in the U.S. Court of International Trade, named U.S. Trade Representative Robert Lighthizer and the Customs and Border Protection agency and challenge what they call the unlawful escalation of the U.S. trade war with China through the imposition of a third and fourth round of tariffs.

The legal challenges from a wide variety of companies argue the Trump administration failed to impose tariffs within a required 12-month period and did not comply with administrative procedures.

Blown Away By the Number of Cases

The Financial Times cites Nasim Fussell, a lawyer who was the top trade counsel for the Republican-controlled senate finance committee until last month.

I am completely blown away by the number of cases being filed. I just think the sheer number is very descriptive of the pain that this has caused," said Fussell

Corporations No Longer Fear the Wrath of Trump

Corporations were once afraid of the wrath of Trump. Not any longer.

Those lawsuits came in the past few weeks. 

Trade Wars are Good and Easy to Win

Trade wars are so good and so easy to win that over 3,500 companies filed suit against the US.

In case you forgot, please recall Trump Tweets "Trade Wars are Good and Easy to Win"

That was in 2018. Trump has made zero progress.

On September 29, I noted US Trade Deficit in Goods Swells to a Whopping $82.9 Billion

Also note that with only four months left to go, China is less than a third of the way towards meeting goals Trump insists are on track. 

For details, please see How Well is China Honoring Its Trade Deal With Trump?

Mish

Comments (52)
No. 1-11
Eddie_T
Eddie_T

In my view a vote for a third party candidate in this election is not a great idea....We need to be sure to retire this guy and let him play golf as much as he wants. The stakes are pretty high...more than usual.

Sechel
Sechel

I think Trump has the right to do this because the legislature ceded it. The House and Senate need to take this power back or at least scale it back. Trump's abusing it but I suspect as a court matter Trump wins.

Very dangerous that a single person can interfere with the economy in such a drastic way withot legislative action.

FromBrussels
FromBrussels

Trump did what he thought was good for the US .... Nice try, too late though....How can you stop a globalised, debt driven, financial system undermining, planet destructive, runaway train,heading for the abyss?? YES it will crah eventually, but that may still be years away from now, depending on, when (not if) CBs lose credibility ! Globalisation SUCKS !

PecuniaNonOlet
PecuniaNonOlet

Ahh yes, the Trump Taint Touch®..

I dont know why, but last night I was thinking of the 2016 RNC debates and wondering how we got here. I started thinking about parallel universes. In each one, these guys below were victorious and I wish I could travel there to see how things turned out.

26 days till election.
8 days till Boris Brexit Bonanza.
5 days for Trump to end up on ventilator?

dr smock
dr smock

These corporations never wanted to manufacture in the US, so they just added the tariff cost to their product cost. The private fed should never have printed money and sent it to these companies for the covid stimulus nor illegally bought their stocks and bonds. If they don't want to produce in this country, then they should be considered foreign companies. Their intentions are not for free trade, but rather looting of the US. I think ultimately the CEO's and members of the private fed will ultimately stand trial for fraud and looting when the workers finally figure out that these companies had no legal grounds to do what they did

Sechel
Sechel

Companies like Ford are not benefiting from Trump's protectionism which favors industrial producers of raw goods and punishes industrial consumers like auto companies. Ironic since Ford benefits handomely from The Chicken Tax, a 25% tariff on light trucks.

Wonder what Ford would say if the solution was to end both both the steel tariffs and the chicken tax

Corporate America at least big companies are all hypocrits

EGW
EGW

A trade war is in the interest of our national security. China is NOT our friend. Yeah it will hurt both sides but sometimes you have to make hard choices for the better good.

dr smock
dr smock

It's pretty sad when states have to beg companies like GM to stay and give them money, then the companies renege on the deal like this one in Ohio. It's called stealing.


q=stay.youtube%2c+maurice+williams&docid=608010959580565432&mid=97A06DB33FF1D411D86197A06DB33FF1D411D861&view=detail&FORM=VIRE

Rocky Raccoon
Rocky Raccoon

It all seems to be falling part for Trump with less than a month to go. No doubt these companies are going to pad Biden's campaign efforts while we hear the Trump campaign has mismanaged money (what's new) and is broke.

My question for Trump has always been why, when he had the chance to put America first and build American factories and create American jobs, why did he look to China to manufacture Trump branded projects--which daughter Ivanka did too.

Good leaders lead by example. They don't use government to punish in order to get a desired government outcome.

China was dying just like Japan did previously, and Vietnam will soon take their place. It's happening as we speak--tariffs or not.

Tariffs are taxes Americans pay.

Realist
Realist

Based on many of the comments that I have seen on this blog over the past several years, people like to complain about “globalization”. Yet globalization is a natural outcome of free enterprise and capitalism. It seems as though people only like competition when they have a competitive advantage, and are against competition when they no longer have a competitive advantage.

It’s the same with “free trade”. In favour of free trade when you are competitive. Against free trade when you are not competitive.


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