Business news from Ukraine

Business news from Ukraine

Appeals court rules tariffs imposed by Trump administration illegal

A US appeals court on Friday ruled that most of the tariffs imposed by Donald Trump were illegal, undermining the use of these levies as a key tool of international economic policy, Reuters reports.

The court allowed the tariffs to remain in effect until October 14 so that the Trump administration could appeal to the US Supreme Court.

“The decision comes amid a legal battle over the independence of the Federal Reserve, which is also likely to reach the Supreme Court, creating an unprecedented legal confrontation this year over Trump’s economic policy,” the report said.

US President Donald Trump criticized the verdict, saying it was accepted: “ALL TARIFFS ARE STILL IN EFFECT! Today, the highly partisan Court of Appeals wrongly ruled that our tariffs should be canceled, but they know that the United States of America will ultimately prevail. If these tariffs ever disappear, it will be a complete disaster for the country. It will make us financially weak, and we must be strong… Now, with the help of the US Supreme Court, we will use them to benefit our nation and make America rich, strong, and powerful again!” Trump wrote on Truth Social.

According to the publication, in a 7-4 decision, the court considered the legality of the “reciprocal” tariffs imposed by Trump in April as part of the trade war, as well as separate tariffs against China, Canada, and Mexico imposed in February.

The court noted that the International Emergency Economic Powers Act (IEEPA), to which Trump referred, does not provide the president with the direct right to impose tariffs. “It is unlikely that Congress, in enacting the IEEPA, intended to depart from its previous practice and grant the president unlimited authority to impose tariffs,” the document states.

 

https://interfax.com.ua/

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