#Treasury has collected >$133 billion from the #import #taxes #Trump imposed under the emergency powers law, federal data from December says. Many companies, including the big-box warehouse chain Costco, have already lined up in court to demand #refunds.

#law #economy #tariffs #inflation #affordability #CostOfLiving #geopolitics #SCOTUS

The challengers argued the “emergency powers” #law doesn’t even mention #tariffs & Trump’s use of it fails several legal tests, including one that doomed President Joe Biden’s $500 billion student loan forgiveness program.

The economic impact of Trump’s tariffs has been estimated at some $3 trillion over the next decade, acc/to the #CBO.

#law #economy #inflation #affordability #CostOfLiving #geopolitics #Trump #SCOTUS

The #Constitution gives #Congress the #power to levy #tariffs. But the #Trump administration argued that a 1977 #law allowing the president to regulate importation during “emergencies” also allows him to set tariffs. Other presidents have used the law dozens of times to impose #sanctions, but Trump was the first president to invoke it for #import #taxes.

#law #economy #inflation #affordability #CostOfLiving #geopolitics #SCOTUS

The #tariffs decision doesn’t stop #Trump from imposing duties under other #laws. While those have more limitations on the speed & severity of Trump’s actions, top admin ofcls have said they expect to keep the tariff framework in place under “other authorities”.

#law #economy #inflation #affordability #CostOfLiving #geopolitics #SCOTUS