"Less than a year after President Donald Trump heralded "Liberation Day," his dream of a new trade order has been all but snuffed out. The Supreme Court declared on Friday that the legal basis for Trump's unilateral "emergency" tariffs was wholly unlawful and unconstitutional. The economic sanctions law he drew upon, 1977's International Emergency Economic Powers Act, does not allow the president to unilaterally determine new charges on foreign goods-and the Constitution holds that Congress is the main arbiter of American trade."
""This ruling is deeply disappointing, and I'm ashamed of certain members of the court," Trump stated at an afternoon press conference. He also announced his next steps: a new executive order reimposing the 10 percent universal tariffs he'd declared last year, a recommitment to existing foreign taxes that were not levied via IEEPA, and a maximalist application of all laws and provisions that delegate any amount of trade regulation to the administration."
The Supreme Court ruled that the International Emergency Economic Powers Act (IEEPA) does not authorize the president to unilaterally impose new tariffs. The Court held that the Constitution vests primary trade authority in Congress, rendering all IEEPA-based "emergency" tariffs from the second term null and void. Tariffs and taxes enacted through other statutory authorities remain governed by their specific legal bases. The administration announced intentions to issue a new executive order reimposing a 10 percent universal tariff, to uphold non-IEEPA foreign taxes, and to apply broadly any statutory delegations of trade regulation to the executive branch.
Read at Slate Magazine
Unable to calculate read time
Collection
[
|
...
]