An appeals court found that tariffs imposed under the International Emergency Economic Powers Act exceeded presidential authority and declared them illegal while keeping them in place through Oct. 14 pending appeal. The tariffs affect about 70% of imports, roughly $2 trillion in goods. The administration plans to appeal to the Supreme Court and argues removing the tariffs would harm the U.S. economy. Economists dispute that claim. The Congressional Budget Office estimated tariffs could lower deficits by $4 trillion over 10 years, and tariff receipts have risen substantially year‑over‑year through July and August collections.
Late Friday, an appeals court ruled that Trump exceeded his authority when he took the unprecedented step to impose tariffs under the International Emergency Economic Powers Act. The ruling said that tariffs affecting roughly 70% of imports - over $2 trillion worth of goods - are illegal, though the court said they would stay in place through Oct. 14 while the government files for an appeal.
The Congressional Budget Office estimated last month that Trump's tariffs would lower deficits by $4 trillion over the next 10 years - "and I would expect that that number could go up from here," Treasury Secretary Scott Bessent said during a cabinet meeting last week. Bessent said that the government had collected almost $30 billion in tariffs through Aug. 22, matching the sum for the previous month. Tariff revenue has topped $135 billion through July, up from the $63 billion in the same period last year.
Collection
[
|
...
]