-
Tariff Decision Day?
The US dollar is trading mostly firmer but quietly in what could be a volatile North American session. It is not just about the US data, of which there is plenty—including the PCE deflator and the first look at Q4 GDP, the preliminary February PMI and the University of Michigan’s final February reading on consumer confidence. The Supreme Court will hand down some decisions today and it possible that rules on the president’s use of emergency powers to impose widespread tariffs. The event markets suggest a strong majority expect the high court to rule against most of all of the tariffs that have justified by the ... (full story)
- Comments / Top
- Subscribe
-
Related Stories
*TRUMP’S GLOBAL TARIFFS STRUCK DOWN BY US SUPREME COURT 
Supreme Court of the United States: Learning Resources, Inc. v. Trump, President of the United States The question presented is whether the International Emergency Economic Powers Act (IEEPA) authorizes the President to impose tariffs. See 91 Stat. 1626. Shortly after taking office, President Trump sought to address two foreign threats: the influx of illegal drugs from Canada, Mexico, and China, Presidential Proclamation No. 10886, 90 Fed. Reg. 8327; Exec. Order No. 14193, 90 Fed. Reg. 9113; Exec. Order No. 14194, 90 Fed. Reg. 9117; Exec. Order No. 14195, 90 Fed. Reg. 9121, and “large and persistent” trade deficits, Exec. Order No. 14257, 90 Fed. Reg. 15041. The President determined that the drug influx had “created a public health crisis,” 90 Fed. Reg. 9113, and that the trade deficits had “led to the hollowing out” of the American manufacturing base and “undermined critical supply chains,” id., at 15041. The President declared a national emergency as to both threats, deeming them “unusual and extraordinary,” and invoked his authority under IEEPA to respond. He imposed tariffs to deal with each threat. As to the drug trafficking tariffs, the Pre *SUPREME COURT RULES 6-3 AGAINST TRUMP ON TARIFFS Supreme Court does not address eligibility for tariff refunds.
Supreme Court of the United States: Learning Resources, Inc. v. Trump, President of the United States The question presented is whether the International Emergency Economic Powers Act (IEEPA) authorizes the President to impose tariffs. See 91 Stat. 1626. Shortly after taking office, President Trump sought to address two foreign threats: the influx of illegal drugs from Canada, Mexico, and China, Presidential Proclamation No. 10886, 90 Fed. Reg. 8327; Exec. Order No. 14193, 90 Fed. Reg. 9113; Exec. Order No. 14194, 90 Fed. Reg. 9117; Exec. Order No. 14195, 90 Fed. Reg. 9121, and “large and persistent” trade deficits, Exec. Order No. 14257, 90 Fed. Reg. 15041. The President determined that the drug influx had “created a public health crisis,” 90 Fed. Reg. 9113, and that the trade deficits had “led to the hollowing out” of the American manufacturing base and “undermined critical supply chains,” id., at 15041. The President declared a national emergency as to both threats, deeming them “unusual and extraordinary,” and invoked his authority under IEEPA to respond. He imposed tariffs to deal with each threat. As to the drug trafficking tariffs, the Pre *SUPREME COURT RULES 6-3 AGAINST TRUMP ON TARIFFS Supreme Court does not address eligibility for tariff refunds.
White House: Trump will hold a press briefing on the Supreme Court's tariff decision at 12:45 PM ET.
Gold fluctuated after the US Supreme Court struck down President Donald Trump’s sweeping global tariffs, driving down the dollar, just as Russia disclosed it sold the precious metal from its reserves last month. The Supreme Court said Trump exceeded his authority by invoking a federal emergency powers law to impose his “reciprocal” tariffs across the globe ...