May 29, 2025 02:02 AM
Booyah..So much for that bullshit..
"A federal trade court dealt a major blow to President Donald Trump’s market-roiling trade war after it ruled that he lacked the authority to impose global tariffs.
The U.S. Court of International Trade blocked the bulk of Trump’s sweeping “Liberation Day” levies on Wednesday, bringing the administration’s trade war to a screeching halt and setting the stage for an appeal.
The three-judge panel said the International Emergency Economic Powers Act of 1977, which Trump invoked when he announced his tariffs in April, does not grant the president “unbounded authority.”
“The worldwide and retaliatory tariff orders exceed any authority granted to the president by IEEPA to regulate importation by means of tariffs,” the court ruled. “The challenged tariff orders will be vacated and their operation permanently enjoined.”
Donald Trump has agreed to an extension on his deadline to impose 50% tariffs on the EU.
The New York-based court issued a unanimous ruling in two separate cases filed against Trump’s tariffs by the nonprofit Liberty Justice Center and 12 Democratic attorneys general.
The decision came hours after Trump went on a lengthy rant after learning that Wall Street had generated an acronym mocking his on-again, off-again tariff rollout: TACO, or Trump Always Chickens Out.
“Don’t ever say what you said. That’s a nasty question,” Trump told a reporter who asked him about the acronym. “I usually have the opposite problem. They say I am too tough.”
"A federal trade court dealt a major blow to President Donald Trump’s market-roiling trade war after it ruled that he lacked the authority to impose global tariffs.
The U.S. Court of International Trade blocked the bulk of Trump’s sweeping “Liberation Day” levies on Wednesday, bringing the administration’s trade war to a screeching halt and setting the stage for an appeal.
The three-judge panel said the International Emergency Economic Powers Act of 1977, which Trump invoked when he announced his tariffs in April, does not grant the president “unbounded authority.”
“The worldwide and retaliatory tariff orders exceed any authority granted to the president by IEEPA to regulate importation by means of tariffs,” the court ruled. “The challenged tariff orders will be vacated and their operation permanently enjoined.”
Donald Trump has agreed to an extension on his deadline to impose 50% tariffs on the EU.
The New York-based court issued a unanimous ruling in two separate cases filed against Trump’s tariffs by the nonprofit Liberty Justice Center and 12 Democratic attorneys general.
The decision came hours after Trump went on a lengthy rant after learning that Wall Street had generated an acronym mocking his on-again, off-again tariff rollout: TACO, or Trump Always Chickens Out.
“Don’t ever say what you said. That’s a nasty question,” Trump told a reporter who asked him about the acronym. “I usually have the opposite problem. They say I am too tough.”
