The U.S. Court of International Trade ruled Wednesday that President Donald Trump overstepped his authority over tariffs under the International Emergency Economic Powers Act (IEEPA).
"The Constitution assigns Congress the exclusive powers to ‘lay and collect Taxes, Duties, Imposts and Excises,’ and to ‘regulate Commerce with foreign Nations,’" the court opined. "The question in the two cases before the court is whether the International Emergency Economic Powers Act of 1977 ("IEEPA") delegates these powers to the President in the form of authority to impose unlimited tariffs on goods from nearly every country in the world.
Touting the event as "Liberation Day," President Donald Trump speaks during a "Make America Wealthy Again" trade announcement event in the Rose Garden at the White House, April 2, in Washington, D.C. (Chip Somodevilla/Getty Images / Getty Images)
"The court does not read IEEPA to confer such unbounded authority and sets aside the challenged tariffs imposed thereunder," the court continued.
Trump announced his highly anticipated reciprocal tariff plan as part of his "Liberation Day" announcement April 2.
Trump announced customized tariffs on dozens of nations to help bring parity to what he said were decades of foreign nations installing trade barriers on U.S. goods, while also imposing a 10% baseline tariff on all countries.
This is a developing story. Please check back for updates.