IARN – The U.S. Supreme Court recently ruled 6–3 that IEEPA (International Emergency Economic Powers Act) does not authorize the president to impose tariffs. This invalidates all tariffs based solely on IEEPA.
Following the ruling the administration pivoted to Section 122 tariffs via the Trade Act of 1974. Section 122 of the Trade Act of 1974 authorizes the president to impose temporary import surcharges up to 15%. President Trump has since enacted a 15% global tariff. United States Senator Chuck Grassley (R-IA) was asked if the President’s new tariffs will face legal challenges.
Read more at Iowa Agribusiness Radio Network.
