A federal trade court in New York ruled against President Trump's attempt to implement broad tariffs under emergency-powers law, stating he overstepped his authority and instigated economic turmoil. This ruling follows multiple lawsuits pointing out that tariffs require congressional approval and asserting that current trade deficits do not constitute an 'unusual and extraordinary threat' as outlined by the 1977 International Emergency Economic Powers Act. Trump's previous tariffs had significant repercussions on global markets, leading to concerns over U.S. economic growth forecasts and legal challenges suggesting that only Congress can make such decisions.
Tariffs must typically be approved by Congress, but Trump claims he can act because the trade deficits amount to a national emergency.
The plaintiffs argue that the 1977 International Emergency Economic Powers Act does not authorize the use of tariffs, suggesting that the trade deficit isn't adequate for emergency measures.
The ruling reflects concerns over economic chaos and the legal authority of the President to impose such tariffs without congressional approval.
Trump's tariffs have caused turmoil in global markets and prompted economists to lower growth forecasts for the U.S.
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