On Wednesday, the U.S. Court of International Trade ruled to strike down President Trump’s reciprocal tariffs, arguing that the International Emergency Economic Powers Act (IEEPA) does not give him the power to set sweeping tariffs. As expected, the White House isn’t going down without a fight.
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The Trump administration will continue negotiating trade deals while seeking other legal measures to enact the tariffs, said White House press secretary Karoline Leavitt on Thursday. This includes Section 232 of the Trade Expansion Act, which authorizes the President to take action against imports if they are deemed a threat to national security.
White House to Continue Trade Talks Despite Tariff Ruling
In addition, Leavitt said that the White House expects to appeal the tariff ruling to the Supreme Court and that the Court of International Trade abused its judicial power.
The S&P 500 (SPX) has given up most of its morning gains as the tariff drama now appears to be far from over. If there’s one thing the market hates, it’s uncertainty.
