Here’s the news and the impact:
- A US federal court blocked Trump’s “Liberation Day” tariffs from going into effect
- USD higher after US court says Trump doesn’t have ‘Liberation Day’ tariff authority
- Trump’s tariffs blocked – what we know
The latest is:
In a nutshell, the Court ruled that Congress has not delegated authority to Trump some sort of umlimited authoirity to set tariffs:
- Worldwide and Retaliatory Tariffs lack any identifiable limits
- thus fall outside the scope of sec. 1702
- maximum limit to unilateral Presidential tariffs for “balance of
payments” related means is 15% maximum for not more than 5
months - fentanyl and reciprocal tariffs are moot (questionable)
Also, it did not address any question of sectoral tariffs. Those appear safe for Trump for now.
In a nutshell, again, Trump has scope for tariffs, just perhaps not as wide as he initially announced.
This article was written by Eamonn Sheridan at www.forexlive.com.
