Federal appellate court upholds ruling striking down Trump's tariffs

"Catch up quick: In late May, the Court of International Trade ruled Trump did not have the authority under the International Emergency Economic Powers Act (IEEPA) to impose tariffs, as he has done this year. A federal appellate court subsequently stayed that ruling, and held a hearing on the dispute in late July. By the numbers: The tariff program is now generating about $30 billion a month in revenue, with expectations that would quickly grow after Trump imposed new rates on Aug. 1."

"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,"

In late May the Court of International Trade ruled that Trump lacked authority under the International Emergency Economic Powers Act (IEEPA) to impose the tariffs enacted this year. A federal appellate court subsequently stayed that ruling and held a hearing on the dispute in late July. The tariff program is generating about $30 billion per month in revenue, with expectations of rapid growth after new rates took effect on Aug. 1. On Aug. 8 Trump posted on Truth Social warning that blocking the tariff revenue would cause catastrophic economic consequences, invoking 1929 and the Great Depression.

Read at Axios