May 29, 2025
Updated ET
US President Donald Trump prepares to sign executive orders in the Oval Office of the White House in Washington, DC, on May 23, 2025. Mandel Ngan | Afp | Getty Images
Key Points
- A U.S. trade court ruled that Trump had overstepped his authority by invoking an emergency law to impose sweeping tariffs on nearly every country.
- Economists at Goldman Sachs said the White House likely has a few tools at its disposal to ensure it is only a temporary problem.
- Lawyer James Ransdell said the ruling marks the first in many cases still pending — and is the first opinion “to really address the meat of the plaintiffs challenge.”
A federal trade court ruled President Trump didn’t have the authority to impose sweeping tariffs on virtually every nation, voiding the levies that have sparked a global trade war and threatened to upend the world economy.
The decision on Wednesday from the Court of International Trade blocked one of the Trump administration’s most audacious assertions of executive power, under the International Emergency Economic Powers Act of 1977. Shortly after the decision was handed down, lawyers for the Trump administration notified the court they will appeal…
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https://www.wsj.com/politics/policy/trade-court-strikes-down-trumps-liberation-day-tariffs-9befa448
The U.S. Court of International Trade on Wednesday ruled that the president had overstepped his authority by invoking the International Emergency Economic Powers Act, or IEEPA, to impose sweeping tariffs on numerous countries.
source:
https://greeknewsondemand.com/2025/05/29/trade-court-strikes-down-trumps-global-tariffs/.
