Court blocks Trump’s  tariff schemes that sent international markets into a dive

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New ruling from the court of international trade in New York City comes after a series of lawsuits arguing that the Trump Administration ultimately had no authority to impose such sweeping tariffs in the first place.

The Lowdown

Bad news for Trump good news for economies across the world. According to a ruling by the New York based court, Trump didn’t have the authority to launch the tariff assault in which he did.   The only tariffs that were found to be legal are: aluminimum, steel, and auto tariffs which will remain in play.   The ruling comes amid ongoing  trade talks with numerous nations though Trump no longer has the leverage of tariffs.

Trump launched his tariff assault against the backdrop of claims that trade deficits with numerous nations amounted to a national emergency. By doing  so, he bypassed the typical need for Congressional approval on such matters.

The court’s ruling found that Trump’s tariff orders “exceed any authority granted to the president … to regulate importation by means of tariffs”.

In the same ruling it was also found that the ruling had nothing to do with whether such tariffs were smart or a bad idea but instead that federal law simply does not allow a President to do what Trump did and bypass Congress.

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