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US Special: Tariff Restructuring
On Friday, February 20, the Supreme Court ruled that President Trump exceeded his power when he imposed the reciprocal and fentanyl-related tariffs by using the International Emergency Economic Powers Act of 1977 (IEEPA). On the same day, President Trump imposed a new 10% global tariff based on Section 122 of the Trade Act of 1974. On Saturday, Trump raised this global tariff to 15%. In this special report we discuss the various legal alternatives to the IEEPA as a means of imposing tariffs. Then we address the implications for trading partners of the US, the average tariff rate, government revenue from tariffs, and ... (full story)
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From piie.com | Feb 23, 2026
In a clear rebuke to President Donald Trump’s tariff policies, the Supreme Court ruled on February 20 that many of his tariffs—those that invoked the International Emergency Economic Powers Act (IEEPA)—were unconstitutional. The statute does not authorize the use of tariffs. Moreover, as the ruling emphasized, the president does not have authority to tax. ...
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