Trump claims US holds ‘all the cards’ thanks to tariffs

(MENAFN) President Donald Trump has asserted that the United States controls “all the cards” due to the tariffs his administration has implemented, warning that without them the nation “would be a poor and pathetic laughingstock again.”

Earlier this year, Trump imposed broad import duties on numerous countries, citing what he called unfair trade imbalances. The measures were enacted under the 1977 International Emergency Economic Powers Act (IEEPA), which allows the president to regulate or block international trade and financial transactions during declared national emergencies involving foreign threats.

Critics in Congress have argued that the tariffs could damage the domestic economy. On Saturday, Trump wrote on his Truth Social platform: “Tariffs have made our Country Rich, Strong, Powerful, and Safe…, and because of what I have set in place, WE HAVE ALL THE CARDS.” He also warned that “Evil, American hating Forces are fighting us at the United States Supreme Court.”

Earlier this month, the president suggested that rolling back the tariffs could cause a “national security catastrophe,” potentially costing the US over $2 trillion. In late summer, a US Court of Appeals ruled that Trump had exceeded his authority under the IEEPA, stating that only Congress can authorize such measures. The court did not cancel the tariffs, pending a Supreme Court decision, which some analysts anticipate by mid-2026.

In addition to defending his trade measures, Trump announced in his Thanksgiving message that “we will be cutting income tax, could be almost completely cutting it.” Earlier in November, he pledged a “dividend of at least $2,000 a person (not including high-income people!)” funded by tariff revenues. Treasury Secretary Scott Bessent indicated that the dividend could come in multiple forms, including tax breaks.

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