U.S. Supreme Court rejects Trump’s global tariffs
BNN Bloomberg
The U.S. Supreme Court struck down on Friday U.S. President Donald Trump‘s sweeping tariffs that he pursued under a law meant for use in national emergencies, rejecting one of his most contentious assertions of his authority in a ruling with major implications for the global economy.
Trump has leveraged tariffs - taxes on imported goods - as a key economic and foreign policy tool.
They have been central to a global trade war that Trump initiated after he began his second term as president, one that has alienated trading partners, affected financial markets and caused global economic uncertainty.
Trump’s tariffs were forecast to generate over the next decade trillions of dollars in revenue for the United States, which possesses the world’s largest economy.
Trump’s administration has not provided tariffs collection data since December 14. But Penn-Wharton Budget Model economists estimated on Friday that the amount collected in Trump’s tariffs based on the International Emergency Economic Powers Act stood at more than US$175 billion. And that amount likely would need to be refunded with a Supreme Court ruling against the IEEPA-based tariffs.
The U.S. Constitution grants Congress, not the president, the authority to issue taxes and tariffs. But Trump instead turned to a statutory authority by invoking IEEPA to impose the tariffs on nearly every U.S. trading partner without the approval of Congress. Trump has imposed some additional tariffs under other laws that are not at issue in this case. Based on government data from October to mid-December, those represent about third of the revenue from Trump-imposed tariffs.
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