'1929 all over again': Trump warns of new 'great depression' if judges overturn tariffs
08 August
President Donald Trump on April 8, 2025 (Official White House Photo by Daniel Torok/Flickr)
President Donald Trump warned that if federal judges overturn his tariffs—deemed unlawful by some experts—it could trigger a massive depression, a message some observers saw as both a warning to the judiciary and a rallying cry to his base.
“Tariffs are having a huge positive impact on the Stock Market,” President Trump claimed on Truth Social on Friday—a statement some experts may dispute.
“If a Radical Left Court ruled against us at this late date, in an attempt to bring down or disturb the largest amount of money, wealth creation and influence the U.S.A. has ever seen, it would be impossible to ever recover, or pay back, these massive sums of money and honor,” he noted.
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“It would be 1929 all over again, a GREAT DEPRESSION! If they were going to rule against the wealth, strength, and power of America, they should have done so LONG AGO, at the beginning of the case, where our entire Country, while never having a chance at this kind of GREATNESS again, would not have been put in 1929 style jeopardy,” the President said, echoing remarks he made during some of the investigations and prosecutions against him.
“There is no way America could recover from such a judicial tragedy, but I know our Court System better than anyone, there is no one in history that has gone through the trials, tribulations and uncertainties such as I, and absolutely terrible, but also amazingly beautiful, things can happen. Our Country deserves SUCCESS AND GREATNESS, NOT TURMOIL, FAILURE, AND DISGRACE. GOD BLESS AMERICA!”
The President’s remarks come just one day after more of his tariffs went into effect, and some of the nation’s top manufacturers and retailers announced they would be raising prices as a result.
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“New tariffs snap into effect, raising import taxes to highest level since Great Depression,” was the headline at NBC News at 12:01 AM Thursday, the moment the tariffs officially hit.
“Executives from companies like Adidas, Stanley Black & Decker and Procter & Gamble have told investors that they plan to or have already passed on some tariff costs to customers,” The New York Times reported. “Walmart and the toymakers Mattel and Hasbro had already issued similar warnings that tariffs were likely to lead to higher costs for consumers.”
As for Trump’s judicial warning, CNN noted on Friday that the “US Court of International Trade in May ruled that Trump overstepped his legal authority to impose many of his sweeping tariffs on foreign goods. Last week, the United States Court of Appeals for the Federal Circuit heard the Trump administration’s appeal, and the panel of 11 judges voiced skepticism that the law gave Trump power to impose tariffs in the aggressive manner that his administration has unleashed them.”
The case is expected to end up at the Supreme Court.
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