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|    alt.politics.economics    |    "Its the economy, stupid"    |    345,374 messages    |
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|    Message 345,197 of 345,374    |
|    super70s to All    |
|    Liberation Day gets unliberated - har ha    |
|    28 May 25 20:19:03    |
      XPost: alt.fan.rush-limbaugh, alt.politics.trump, alt.politics.republicans       XPost: alt.politics.democrats.d       From: super70s@super70s.invalid              US court blocks Trump from imposing the bulk of his tariffs       By Ramishah Maruf and David Goldman, CNN       6 minute read       Updated 8:58 PM EDT, Wed May 28, 2025              New York CNN -- A federal court on Wednesday ruled that President       Donald Trump overstepped his authority to impose sweeping tariffs that       have raised the cost of imports for everyone from giant businesses to       everyday Americans.              But the administration immediately appealed the decision on Wednesday       night, leaving the situation uncertain for consumers and companies and       potentially prolonging the battle over whether Trump's import duties       will stand - and possibly reshape the global economy.              A three-judge panel at the US Court of International Trade, a       relatively low-profile court in Manhattan, stopped Trump's global       tariffs that he imposed citing emergency economic powers, including the       "Liberation Day" tariffs he announced on April 2. It also prevents       Trump from enforcing his tariffs placed earlier this year against       China, Mexico and Canada, designed to combat fentanyl coming into the       United States.              The court ruled in favor of a permanent injunction, potentially       grinding Trump's global tariffs to a halt before "deals" with most       other trading partners have even been reached. The court ordered a       window of 10 calendar days for administrative orders "to effectuate the       permanent injunction." That means the bulk - but not all - of Trump's       tariffs would be put in a standstill if the ruling holds up in appeal       and, potentially, with the Supreme Court.              The order halts Trump's 30% tariffs on China, his 25% tariffs on some       goods imported from Mexico and Canada, and the 10% universal tariffs on       most goods coming into the United States. It does not, however, affect       the 25% tariffs on autos, auto parts, steel or aluminum, which were       subject to Section 232 of the Trade Expansion Act - a different law       than the one Trump cited for his broader trade actions.              Stock futures surged on the ruling. Dow futures rose nearly 500 points,       or 1.1%. The broader S&P 500 futures were up 1.4%, and Nasdaq futures       were 1.6% higher in afterhours trading.              The lawsuit was filed by the libertarian legal advocacy group Liberty       Justice Center in April and represented wine-seller VOS Selections and       four other small businesses that claimed they had been severely harmed       by the tariffs. The panel came to a unanimous decision, publishing an       opinion on the VOS suit and also one by twelve Democratic states       brought against the Trump tariffs.              "We won - the state of Oregon and state plaintiffs also won," Ilya       Somin, a law professor at Scalia Law School, George Mason University       and plaintiff lawyer, said to CNN immediately after the ruling. "The       opinion rules that entire system of liberation day and other IEEPA       (International Emergency Economic Powers Act) tariffs is illegal and       barred by permanent injunction."       Declaring a national economic emergency              On April 2, Trump announced his "reciprocal" tariffs, imposing       significant levies on imports from some of America's closest trading       allies - though he soon after implemented a 90-day pause on April 9. He       left in place "universal" 10% tariffs on most goods coming into the       United States.              Trump implemented these tariffs without Congress by invoking the       International Emergency Economic Powers Act, which gives the president       the authority to act in response to unusual and extraordinary threats.       But the law does not include any mention of tariffs as a potential       action the president can take once IEEPA is invoked.              Trump also cited IEEPA in his 20% tariffs on China and 25% tariffs on       many goods from Mexico and Canada designed to target fentanyl       trafficking into the United States.              But the Trump administration has not met that criteria for an       emergency, the plaintiffs alleged. The lawsuit also alleges IEEPA       doesn't give the president the power to enact tariffs in the first       place, and even if it was interpreted to, it "would be an       unconstitutional delegation of Congress's power to impose tariffs,"       according to a statement.              The court concurred in its ruling that Trump lacked the authority to       impose those tariffs even after declaring a national emergency.              "IEEPA does not authorize any of the worldwide, retaliatory, or       trafficking tariff orders," the panel of judges said in their order       Wednesday. "The worldwide and retaliatory tariff orders exceed any       authority granted to the President by IEEPA to regulate importation by       means of tariffs. The trafficking tariffs fail because they do not deal       with the threats set forth in those orders."       'Surprising and spectacular' decision              White House spokesperson Kush Desai said in a statement that: "It is       not for unelected judges to decide how to properly address a national       emergency. President Trump pledged to put America First, and the       Administration is committed to using every lever of executive power to       address this crisis and restore American Greatness."              White House deputy chief of staff for policy Stephen Miller was       blunter, posting on X that "The judicial coup is out of control" in       response to the news.              Gary Clyde Hufbauer, a nonresident senior fellow at the Peterson       Institute for International Economics, called it a "surprising and       spectacular decision."              "The reason it's a surprise is that if you look at past cases where       plaintiffs have tried to challenge the presidential use of       extraordinary authority under various laws, the plaintiffs have always       lost against the government," Hufbauer said in an interview with CNN.              "All the president had to do was say, 'national security,' or 'national       emergency.' Those are magic words."              The decision could help small businesses across America, many of which       had been struggling with the jump in costs from tariffs.              "This is potentially - with that word choice underscored - a       significant policy pivot point should it hold up for both the economy       and the quiet majority inside Congress that does not support current       trade policy," Joe Brusuelas, RSM US chief economist, wrote in an email       to CNN Business. "In particular, this would provide a huge relief for       small and medium sized firms that neither have the margins nor the       financial depth to absorb the tariffs on a sustained basis."       Potentially headed to the Supreme Court              The Department of Justice lawyers argued that the tariffs are a       political question - meaning it's something that the courts can't       decide.              But the plaintiffs noted IEEPA makes no mention of tariffs.              "If starting the biggest trade war since the Great Depression based on              [continued in next message]              --- SoupGate-DOS v1.05        * Origin: you cannot sedate... all the things you hate (1:229/2)    |
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