Supreme Court to Rule on President's Tariff Powers Under IEEPA
The U.S. Supreme Court is set to decide on the President's emergency powers to impose tariffs under the International Emergency Economic Powers Act (IEEPA). This ruling could significantly impact businesses and consumers, as IEEPA tariffs account for a substantial portion of the nation's tariff revenue.
Currently, there are 12 ongoing investigations under Section 232, with four expected to conclude by the end of 2025. These tariffs, ranging from 25 percent to 50 percent, have been imposed on various goods including steel, aluminum, autos, auto parts, and certain copper products. The President has broad discretion to alter these tariffs at any time and can expand the list of targeted goods through an 'inclusion' process.
The upcoming Supreme Court decision on November 5 will determine if the President's emergency powers under IEEPA include the power to impose tariffs. A decision against IEEPA tariffs would provide immediate relief to businesses and consumers, but it would not completely eliminate the President's tariff powers. Even without IEEPA, many goods could still face tariffs due to the Trump administration's Section 232 tariffs remaining in place.
Historically, U.S. Presidents, including Donald Trump, have exercised additional powers under the Trade Act of 1974, particularly Section 301, to impose tariffs or other trade measures. The President also has powers under Section 122 to address trade deficits and under Section 301 to target specific countries' imports.
The Supreme Court's ruling on IEEPA tariffs will have significant implications for U.S. trade policies. Congress is urged to clarify the definitions of 'national security threat' and 'serious injury' to industry and resume its role in levying tariffs as outlined in the Constitution. In the meantime, businesses and consumers await the Court's decision, which could temporarily alleviate tariff pressures if IEEPA tariffs are struck down.
Read also:
- Thieves Steal Unique Sculptures from Redwood National Park's Grove of Titans
- Thessaly's Climate Plan Stalls Two Years After Storm Daniel Devastation
- Strategizing the Integration of Digital Menus as a Core Element in Business Operations
- Financial Actions of BlockDAG Following Inter and Borussia Agreements: Anticipating Future Steps
