Although this week’s court ruling – that President Trump doesn’t have the “unbounded authority” to impose universal tariffs on other countries – has been temporarily stayed, there is a fair chance that even the Supreme Court upholds the initial judgement. If the administration can’t use the International Emergency Economic Powers Act (IEEPA) to impose blanket reciprocal tariffs, it could still utilise the traditional legal provisions, but those would make it harder to prosecute its trade war.
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