Trump Considers Universal Tariffs

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additional tariffs

Politico

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One law could make Trump’s tariff threat a reality

Summary

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79% Informative

The International Emergency Economic Powers Act gives the president sweeping authority to control economic transactions after declaring an emergency.

Some trade experts believe it is supple enough to also implement Trump ’s pledge to phase out imports of essential goods from China over a period of four years .

The law is an efficient way to skirt Congress , which has Constitutional authority over raising and lowering tariffs.

The U.S. has run a trade deficit every year since 1975 , making it hard to claim the current trade deficit is an emergency, a former USTR official says.

Companies hurt by the tariffs could sue Trump if he uses IEEPA, but they’re unlikely to find a judge that would issue an injunction to stop the order from going into force.

A Japanese manufacturer challenged Nixon 's import surcharge in court and lost on appeal.

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