A federal court in the United States has ruled that the tariff policy of former President Donald Trump is illegal. The court noted that the International Emergency Economic Powers Act (IEEPA) does not grant the president unlimited authority to impose tariffs.
This is reported by Finway
Court Ruling on Tariffs
The U.S. Court of International Trade unanimously voted that the tariffs imposed by Trump on goods from dozens of countries, justified by a state of emergency, exceed his authority. The judges emphasized that such actions contradict the law.
“Today’s ruling is a victory not only for Oregon but also for American families and small businesses. Trump’s tariffs were illegal, reckless, and economically destructive,” said Oregon Attorney General Dan Rayfield.
The court overturned the 25% tariffs on goods from Canada and Mexico, 20% on Chinese goods, and 10% on all U.S. trading partners. Additionally, the planned “reciprocal tariffs” of 20-50% on goods from 60 countries, set to be implemented in July, were annulled.
Legal and Political Implications of the Ruling
Furthermore, the court’s decision has significant legal and political implications. In particular, the state may be forced to refund tariffs that have already been collected. The U.S. Department of Justice has filed an appeal, which could lead to the case being heard by the Supreme Court.
Experts express doubts about the possibility of reintroducing such broad measures based on other laws. As law professor Ilya Somin noted, “The president still has significant powers to impose tariffs, but not as broad as he thought.”
This ruling represents another limitation on Trump’s economic policy, considering previous court decisions that blocked his immigration initiatives. The tariff decisions also had a significant impact on the cryptocurrency market, particularly on Bitcoin, whose value showed a positive trend in the event of tariff suspension.
At the time of writing, the first cryptocurrency was trading at $107,794, according to TradingView. Meanwhile, BitMEX co-founder Arthur Hayes and Bitwise CIO Matt Hougan noted the long-term prospects of Trump’s tariff strategy.