A federal judge needs more time to consider a motion filed by both sides of the U.S. Court of Appeals for the Federal Circuit to suspend President Donald Trump's far-reaching tariffs, according to the U.S. Court of Appeals for the Federal Circuit.
The decision to lift the unlawful tariffs has been put on hold pending federal circuit review
The U.S. appellate circuit has intervened following a ruling by the USCIT that the Trump administration misused the International Emergency Economic Powers Act (IEEPA) to impose global tariffs that exceeded legal limits.
The IEEPA was intended to allow the White House to quickly impose temporary restrictions and trade barriers during a national security crisis, according to the USCIT, not to unilaterally impose sweeping policies to bypass Congress.
The Trump administration quickly appealed the USCIT's ruling on Wednesday, and a federal appeals court allowed Trump's "Worldwide Retaliatory Tariff Order" to remain in effect while a federal judge reviews both sides of the ruling.
The USCIT ruled against the Trump administration after five businesses and twelve states sued the White House to halt President Trump's sweeping emergency powers. Under the USCIT ruling, Trump's 30% tariffs on China, 25% on USCMC-exempt goods from Canada and Mexico, and the Trump administration's 10% blanket import tax must be lifted within ten days of the ruling.
Investors have been waiting a long time for a final ruling on the matter; the Trump administration is widely expected to appeal the ruling and soon begin exploring alternative legal avenues to enforce its ‘tax first, ask questions later' trade policy. (alg)
Source: FXstreet
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