Brief by Shorts91 NewsDesk / 03:00am on 29 May 2025,Thursday International
A U.S. trade court has blocked former President Donald Trump's "Liberation Day" import tariffs, ruling he overstepped his authority by imposing across-the-board duties on countries with trade surpluses over the U.S. Trump had invoked the International Emergency Economic Powers Act (IEEPA) to justify the tariffs, citing threats like trade deficits and Mexican drug cartels. The Manhattan-based Court of International Trade stated that IEEPA does not grant the President unlimited tariff authority and that such powers reside with Congress. The court rejected the administration's claim that the tariffs aided in brokering a ceasefire between India and Pakistan. Following the ruling, the Trump administration filed a notice of appeal. (PC: Moneycontrol)
