1700亿关税要退、美债再遭抛售900亿，美国财政窟窿越来越大，还能撑得住吗？

Core Viewpoint - The article discusses the internal challenges faced by the Trump administration, highlighting the disconnect between its aggressive foreign policy and the deteriorating domestic situation, particularly in terms of legal and financial stability. Group 1: Legal and Policy Challenges - The U.S. Supreme Court ruled against Trump's use of the International Emergency Economic Powers Act (IEEPA) for imposing tariffs, stating it exceeded his authority [1][2]. - Following the ruling, the White House quickly issued an executive order to withdraw tariffs based on IEEPA, but this was seen as a temporary measure rather than an admission of fault [3][4]. - The administration then shifted to using the Trade Act of 1974, which allows for temporary tariffs, indicating a continued reliance on executive power to impose taxes [5][6]. Group 2: Financial Implications - The Supreme Court's decision could lead to the refund of approximately $170 billion in tariffs, which is significant given that the annual tariff revenue before Trump's presidency was around $90 billion [14][15]. - The U.S. national debt has surged to $38 trillion, the highest among all countries, raising concerns about fiscal sustainability [17][18]. - Recent data showed a decline in foreign ownership of U.S. debt, indicating a loss of trust among international investors [20][21]. Group 3: Economic and Political Dynamics - The article emphasizes the growing political division within the U.S., with the potential for continued legislative paralysis as the midterm elections approach [35][36]. - The ongoing internal conflicts, including the standoff between Trump and the Federal Reserve, reflect a broader systemic dysfunction in U.S. governance [30][32]. - The article suggests that the U.S. is experiencing a "high friction operating state," where various branches of government are unable to effectively collaborate, leading to economic stagnation [46]. Group 4: Global Perception and Soft Power - Traditional allies like Japan and South Korea are adjusting their foreign exchange reserves, indicating a shift away from reliance on the U.S. dollar [40]. - The article argues that the U.S. is losing its soft power as its ability to influence global markets diminishes, with other nations becoming more cautious in their dealings with the U.S. [47]. - The perception of U.S. strength is eroding, as evidenced by the lack of significant reactions from global markets to U.S. tariff policies [47].