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The ongoing uncertainty about the legality of the tariffs makes it even more difficult for businesses to navigate the market.
The ongoing uncertainty about the legality of the tariffs makes it even more difficult for businesses to navigate the market.
What is happening?
Last week, Trump’s tariffs were dealt a major blow when the Court of International Trade ruled that the President did not get unilateral authority to impose tariffs using the emergency law, he invoked to implement them.
Continues during appeal
The Trump administration appealed the verdict and has been allowed to continue collecting tariffs while the appeal is being processed.
The next hearing will be June 5th.
Could kill the tariffs
The ruling now appealed dealed a major blow to Trump’s tariffs, as it threatens to delay or even kill the tariffs announced on Liberation Day.
Trump warns
Unsurprisingly, Donald Trump has taken to Truth Social to share his thoughts on the matter – and he’s warning that the courts eventual ruling could cost the US dearly.
Risk of “Economic ruination”
In the post, Trump said:
“If the Courts somehow rule against us on Tariffs, which is not expected, that would allow other Countries to hold our Nation hostage with their anti-American Tariffs that they would use against us. This would mean the Economic ruination of the United States of America!”
Might end in the Supreme Court
Depending on how the appeal ends out, the question of whether Trump can actually impose the tariffs unilateraly, could end up in the US Supreme Court.