In a monumental ruling on Friday that will have a significant impact on the world economy, the US Supreme Court handed a crushing loss to Republican President Donald Trump by overturning his broad tariffs that he sought under a law intended for use in national crises.
In a 6-3 decision written by conservative Chief Justice John Roberts, the courts affirmed a lower court’s finding that Trump had overreached himself in using this 1977 rule. The International Emergency Economic Powers Act, or IEEPA, was the law in question, and the court decided that it did not provide Trump the authority to impose tariffs as he claimed. Today, our only objective is to determine whether the president’s authority to “regulate… importation,” as conferred by IEEPA, includes the authority to apply tariffs. “It doesn’t,” Roberts wrote in the decision, citing the passage from the statute that Trump claimed supported his broad tariffs.
When the Supreme Court invalidated the White House’s emergency tariffs, thousands of businesses achieved a long-awaited triumph. The reimbursement procedure is just getting started. The court decided that Trump was not permitted to impose sweeping import tariffs under the 1977 International Emergency Economic Powers Act, a ruling that could have long-term effects on the world economy.
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