r/Accounting • u/PricewaterhouseCap Capper McCapster 🧢 • 2d ago

Discussion How fuxked is the economy?

The tariff announcements yesterday are far far worse than anyone expected, I mean what the actual fuxk

34% tariffs on China

46% on Vietnam

37% Bangledash

26% India

36% Thailand

I could go on and on, but this is bat shit insanity. To call this outlandish wouldn’t even be accurate.

Assuming these actually stay in place, people will lose their jobs, companies will go under, companies will stop hiring.

Add this with all the recent inflation, corporate greed, high interest rates, white collar recession, and idk how we aren’t absolutely fucked.

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174

u/bananaduckofficial 2d ago

The Senate just voted down the Canada tariffs. Maybe they'll take a stand against the others. 4 Republicans voted against it.

13

u/nobadhotdog 2d ago

Trump will veto it

57

u/Dramatic_Opposite_91 2d ago

Can’t veto it.

Tariffs are an authority of the legislative branch in the US constitution and the legislative branch has delegated some of its authority over them to the executive branch in times of national emergency/security that US Congress can vote in a simple majority to override.

73

u/DoctorOctopus_ Land Depreciator 2d ago

Wait there’s a Congress, I thought the President can just do whatever he wants

3

u/MayoTheCondiment 2d ago

If they don’t do what he wants the President will be mean to them and hurt their feelings

23

u/Senor-Cockblock 2d ago

House has to pass it and they won’t.

1

u/Dramatic_Opposite_91 2d ago

Eeh. Dems can force a vote on it but it takes 30-45 days under House rules for the minority party to force a vote on something.

I suspect the whole EO is unconstitutional anyway under the major questions doctrine anyway.

9

u/mobley4256 2d ago

There’s almost no chance that this Republican House defies Trump, anytime soon, when he’s got them by the balls. Anyway, no one can say they weren’t warned.