Court Blocks Trump's Tariffs (UPDATED)

 

The U.S. Court of International Trade ruled yesterday that the out-of-control Malignant Fascist had exceeded his authority in levying tariffs on most nations. The ruling is a major blow to the MF's harmful and disruptive tariffs that are causing prices on goods imported from abroad increase, and our relationships with our long-time trading partners unravel. From Reuters:

"The Court of International Trade said the U.S. Constitution gives Congress exclusive authority to regulate commerce with other countries that is not overridden by the president's emergency powers to safeguard the U.S. economy.

'The court does not pass upon the wisdom or likely effectiveness of the President's use of tariffs as leverage,' a three-judge panel said in the decision to issue a permanent injunction on the blanket tariff orders issued by Trump since January. 'That use is impermissible not because it is unwise or ineffective, but because [federal law] does not allow it.'

Financial markets cheered the ruling. The U.S. dollar rallied following the court's order, surging against currencies such as the euro, yen and the Swiss franc in particular. Wall Street futures rose and equities across Asia also jumped.

The judges also ordered the Trump administration to issue new orders reflecting the permanent injunction within 10 days. The Trump administration minutes later filed a notice of appeal and questioned the authority of the court.

The court invalidated with immediate effect all of Trump's orders on tariffs since January that were rooted in the International Emergency Economic Powers Act (IEEPA), a law meant to address 'unusual and extraordinary' threats during a national emergency.

The court was not asked to address some industry-specific tariffs Trump has issued on automobiles, steel and aluminum, using a different statute." (our emphasis)

The MF's use of the emergency act was a ridiculous stretch, since the U.S. economy has been number one in the world for years and since he was handed a growing economy by his predecessor. Despite his boastful claims that nations were lining up to negotiate with him, the only "deal" he achieved was with the UK, which has a trade deficit with the U.S. The European Union, for example, is pushing back rather than bowing to the MF's actions.

Nevertheless, the MF will waste time in appealing the ruling, and when he loses, it would surprise no one if he ignored the courts.

UPDATE: Today a second Federal court ruled against the Malignant Fascist's illegal tariffs, strengthening the case against them for the higher courts that will hear his appeals.

UPDATE II:  A Federal appeals court has now temporarily paused the actions of the two lower courts, allowing the tariffs to remain in place while motions papers are considered.  Heading for SCOTUS.

(photo: Containers stored at a U.S. port)