Attorneys for President Donald Trump told judges that if they yank the president’s tariff authority, “catastrophic consequences” would ensue, including a deep economic collapse not seen since 1929.
In a letter to the U.S. Court of Appeals for the Federal Circuit filed after oral arguments, Solicitor General D. John Sauer and Assistant Attorney General Brett Shumate warned that tariffs under the 1977 International Emergency Economic Powers Act must stay in place to prevent a financial disaster.
“Suddenly revoking the President’s tariff authority under IEEPA would have catastrophic consequences for our national security, foreign policy, and economy,” they wrote in a letter. “The President believes that our country would not be able to pay back the trillions of dollars that other countries have already committed to pay, which could lead to financial ruin.”
Trump announced a slate of “Liberation Day” tariffs on April 2 on imports from every U.S. trading partner. He then paused those tariffs for 90 days while working on trade deals with top U.S. trading partners. After reaching deals with some key partners – and extending talks with China, Canada and Mexico – Trump put in force the highest tariffs in nearly a century on 66 countries, the 27-bloc European Union and others. Each nation was assigned a specific import duty, with some as high as 50%. Those tariffs went into effect Aug. 7.
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Author: Faith Novak
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