Summary
A federal appellate court ruled that President Trump's global tariffs under the International Emergency Economic Powers Act (IEEPA) were illegal. The decision may lead to a Supreme Court appeal. The ruling does not affect other tariffs, such as those on steel, aluminum, or Chinese goods.
Key Facts
- President Trump's global tariffs were ruled illegal by a federal appellate court.
- The ruling can be appealed to the Supreme Court.
- The IEEPA tariffs will stay in place until at least October 14th.
- Other tariffs, like those on steel and aluminum, are not affected by this ruling.
- Tariffs brought in around $31 billion for the U.S. Treasury in August.
- If the ruling holds, it could significantly reduce federal revenue from tariffs.
- The Supreme Court's next term may address issues of presidential economic authority.
