Trump loses trade superpower after Supreme Court ruling strikes down IEEPA tariffs
Crypto Briefing
The Supreme Court ruled that the IEEPA does not grant the president authority to impose tariffs, invalidating previous executive trade actions.Summary
In a 6-3 decision, the Supreme Court ruled in Learning Resources, Inc. v. Trump that the International Emergency Economic Powers Act (IEEPA) does not authorize the president to impose tariffs. The court affirmed that the constitutional power to levy taxes and tariffs resides with Congress. This ruling invalidates billions in existing tariffs and potentially entitles US importers to $175 billion in refunds. Additionally, the administration’s attempt to pivot to Section 122 of the Trade Act of 1974 was subsequently struck down by the US Court of International Trade for lacking sufficient justification.
(Source：Crypto Briefing)