Good morning. For months, many business leaders have quietly opposed President Trump’s tariffs—quietly because many were shocked and unnerved that one man could upend the global economy and hard-wrought trade deals with a flash of his pen from the Oval Office.
The President had justified his sweeping unilateral orders under the International Emergency Economic Powers Act of 1977 (IEEPA), citing trade as a national emergency. But on Wednesday, the U.S. Court of International Trade unanimously ruled that IEEPA did not confer such authority, invalidating Trump’s “Liberation Day” tariffs and fentanyl-related tariffs on Canada, Mexico and China.
In many ways, this is a triumph of the legislative branch of government, reasserting the role of Congress in levying tariffs and establishing limits on the executive branch. The court itself was established by an act of Congress in 1980 and traces its roots back to a tariff law passed in 1789.
What this ruling does to current trade negotiations and recent deals remains to be seen. But the U.S. futures markets reacted positively Wednesday night, further fueling investor hopes that a trade war can be averted. (On a separate note, Elon Musk announced Wednesday that he’s leaving Washington, ending another act of the executive branch that gave the unelected entrepreneur powers that critics had argued were unlawful.)
Now, of course, the tariffs drama will shift back to the judicial branch of government as the President’s lawyers indicated that they would appeal the court’s decision. Ultimately, the scope of Presidential powers and clarity on what constitutes an emergency order under IEEPA may be decided by the Supreme Court. In the meantime, a little-known institution operating out of lower Manhattan has reminded the rest of the world that the rule of law and division of powers matter.
More news below.Contact CEO Daily via Diane Brady at [email protected]
This story was originally featured on Fortune.com
Read More Details
Finally We wish PressBee provided you with enough information of ( Ruling against Trump tariffs is a win for the legislative branch )
Also on site :
- Owen and Luke Wilson Share Rare Red Carpet Moment at 'Stick' Premiere
- Pentagon employee arrested for trying to leak secrets over Trump grievances
- Horrific bus crash: 22 workers injured in Sadat City rollover