Court Ruling Against Trump's Tariffs Sparks Global Uncertainty
A US federal appeals court has ruled President Donald Trump’s 'reciprocal' tariffs illegal, prompting uncertainty among US trading partners. The decision, which states that taxing powers rest with Congress, leaves Trump's administration considering an appeal to the Supreme Court. The ruling's implications affect international trade negotiations.
- Country:
- Australia
In a significant legal decision, the US federal appeals court has ruled against President Donald Trump's 'reciprocal' tariffs, marking them as illegal. This verdict throws trading partners of the United States into a period of uncertainty as they await further legal developments.
The court decision, passed by a 7-4 majority, highlights the limits of executive power under the International Emergency Economic Powers Act (IEEPA) of 1977. Trump's use of the act to impose tariffs was deemed excessive, and the court emphasized Congress' constitutional power over taxation.
While the immediate impact encompasses a temporary continuation of the tariffs, the ruling opens the door to a possible Supreme Court appeal. With global trade strategies hanging in the balance, stakeholders are left questioning the future of international economic relationships.
(With inputs from agencies.)
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