09.09.202523:15:16UTC+00Supreme Court to Rule on Legality of Trump’s Global Tariffs

The U.S. Supreme Court has agreed to review the legality of the global tariffs instituted by Donald Trump. This development follows a Justice Department appeal, prompted by a lower court's decision that Trump overstepped his authority by enforcing most of these tariffs under the International Emergency Economic Powers Act (IEEPA), a law from 1977 designed for emergency situations. On August 29, the Federal Circuit Court of Appeals in Washington ruled that Trump had indeed overreached, thereby impacting a significant aspect of his trade agenda. The outcome of this case could have significant implications, potentially influencing trillions of dollars in customs duties over the coming decade. The Supreme Court has expedited the case, setting oral arguments for early November, soon after the new term commences on October 6. Until the appeal is resolved, the tariffs will remain in place.