A US court ruling has overturned tariffs imposed by the Trump administration, stating that the International Emergency Economic Powers Act does not authorize such actions. While this provides a temporary relief for companies like Apple, it does not address existing tariffs on Mexican, Canadian, and Chinese goods. Observers note that despite the positive short-term effects of the ruling, the ongoing global trade conflict and complexities suggest that challenges in trade are far from over, indicating potential future difficulties in the market.
Three judges from the US Court of International Trade found that the US International Emergency Economic Powers Act, which the Trump administration invoked to justify the imposition of these tariffs, does not give the president the authority to levy these taxes on trade.
The judgement does not impact the 25% "trafficking tariffs" imposed on Mexican and Canadian products and does not prevent the 20% trafficking tariff in place on Chinese goods.
While the news will provide a glimmer of relief, it will probably be short-lived. There’s always another dead cat to throw into the flames.
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