"Bessent has also warned that other tariff laws already on the books aren't as powerful and would give President Trump less flexibility to negotiate. What they're saying: " To think about silly things is a waste of time," Lutnick said. Lutnick insisted the high court would overturn the rulings of the Court of International Trade and a federal appellate court, both of which found Trump lacked the authority under the International Emergency Economic Powers Act (IEEPA) to impose tariffs."
"The intrigue: Lutnick said the most important trade deals so far are linked to other tariff authorities, like so-called Section 232 sectoral tariffs on products like steel and aluminum. "So all those big deals that we did that are centered upon those products, those are durable, sustainable, and they are not really what I expect to be even benefited or not benefited by the Supreme Court," Lutnick says."
Courts at the trial and appellate levels found that Trump lacked authority under the International Emergency Economic Powers Act (IEEPA) to impose tariffs, and the administration has asked the Supreme Court to hear arguments in early November. Economists estimate roughly 71% of tariff revenue tied to the IEEPA authority would be at risk if those tariffs are struck down. Other tariff authorities such as Section 232 and Section 301 exist but are more limited in scope. Some major trade measures tied to Section 232 (steel and aluminum) are likely durable, while broader tariffs not grounded in 232 or 301 could be vulnerable without IEEPA authority.
Read at Axios
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