"State of play: A federal appeals court on Aug. 29 held that Trump exceeded his authority by enacting widespread tariffs under the International Emergency Economic Powers Act (IEEPA). The court, however, allowed the tariffs to remain in place through Oct. 14. That decision does not apply to sector tariffs - including those on steel, aluminum and autos - which were implemented under a separate trade authority."
"Zoom in: The filing, a copy of which was seen by Axios, asks the Supreme Court for a swift ruling, with the government noting that the "stakes of the case could not be higher." In a statement posted on X, Jeffrey Schwab, a lawyer on the team representing businesses suing the government, said he hoped for a "prompt resolution of this case." The intrigue: Trump has said the nation would face an economic reckoning if the suite of tariffs were not allowed to continue."
A federal appeals court ruled that Trump exceeded his authority by imposing widespread tariffs under the International Emergency Economic Powers Act (IEEPA), but allowed those tariffs to remain in place through Oct. 14. The ruling excluded sector-specific tariffs on steel, aluminum and autos, which were imposed under a different trade authority. The government asked the Supreme Court for a swift ruling, calling the stakes exceptionally high. Businesses' lawyer Jeffrey Schwab requested a prompt resolution. Trump warned of an economic reckoning if the tariffs end. Economists largely disagree, while the Congressional Budget Office estimated the tariffs could reduce deficits by $4 trillion over ten years.
Read at Axios
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