A federal court struck down global tariffs imposed by President Donald Trump under the International Emergency Economic Powers Act on Wednesday. This ruling could significantly impact the administration’s trade strategies.
What Happened: The federal court has ruled against Trump’s authority to impose extensive global tariffs under the IEEPA, according to a report by Axios. The decision, delivered by the U.S. Court of International Trade, could potentially halt the administration’s trade war efforts.
The court’s ruling, which emerged from two separate cases, nullifies the tariffs Trump had enforced using the 1977 IEEPA law, a statute never previously applied in tariff situations. Businesses and states had challenged the tariffs, arguing they violated the Constitution’s allocation of import duty authority to Congress.
The three-judge panel, comprising …