Connect with us

Hi, what are you looking for?

Investing

Trump asks Supreme Court for urgent ruling on tariff powers as ‘stakes could not be higher’

The Trump administration asked the Supreme Court Wednesday to quickly make a decision on whether President Donald Trump has the authority to impose his sweeping tariffs under federal emergency law.

This appeal is a result of a federal appeals court ruling 7-4 that a vast majority of Trump’s tariffs were illegal according to the 1977 International Emergency Economic Powers Act even though it allowed the duties to remain until the case was resolved.

Many states and small businesses challenged Trump’s tariffs in a lawsuit saying they were causing serious economic harm.

‘These unlawful tariffs are inflicting serious harm on small businesses and jeopardizing their survival,’ said Jeffrey Schwab, an attorney with the Liberty Justice Center.

The Trump administration, however, countered the appeal, arguing that striking down the tariffs could cause serious economic harm.

‘That decision casts a pall of uncertainty upon ongoing foreign negotiations that the President has been pursuing through tariffs over the past five months, jeopardizing both already negotiated framework deals and ongoing negotiations,’ the Trump administration argued in its appeal. ‘The stakes in this case could not be higher.’

Officials also pointed out that the levies have raised $159 billion since late August, a figure that has more than doubled from the previous year.

Although the Constitution does give Congress the power to set tariffs throughout the years many lawmakers have delegated those authorities to the White House. Although Trump has been seen to use this to his advantage, some of his duties on steel, aluminum, autos, and earlier tariffs on China were left in place by former President Joe Biden and are not part of this case.

Legal experts have noted that the government has also warned that if the courts strike down these tariffs, the U.S. Treasury could be forced to refund billions that have already been collected.

The Supreme Court is expected to decide soon on whether they will take up the case directly, which will potentially set up a major ruling on the limits of presidential power over trade.

This post appeared first on FOX NEWS

Enter Your Information Below To Receive Free Trading Ideas, Latest News And Articles.







    ✨ Let’s Spark Something Together!





    Share your name and email, and we’ll reach out with ideas, news, and special updates made just for you.

    Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

    You May Also Like

    Economy

    In the final three weeks of the presidential race, former president Donald Trump and his advisers have attacked one particular foe more than three...

    Latest News

    Adani Group shares experienced a rebound on Monday, recovering from last week’s steep losses sparked by U.S. criminal charges against Chairman Gautam Adani and...

    Stock

    Startup basketball league Unrivaled announced on Monday it’s closed a Series A funding round, raising an additional $28 million before its inaugural season. “Our players...

    Stock

    The U.S. Treasury Department has delayed the deadline for millions of small businesses to Jan. 13, 2025, to file a new form, known as...