Trade court strikes down Trump 10% universal tariffs
NEW YORK - The Court of International Trade on Thursday ruled that President Trump's newest round of tariffs were illegal, though the duties are likely to stay in effect while the administration appeals. Why it matters: It is yet another legal setback for the White House's trade policy — this time ruling against the suite of tariffs that officials imposed to replace those struck down by the Supreme Court. State of play: Trump turned to Section 122 — a never-before-used provision of the Trade Act of 1974 — the same day the Supreme Court struck down the bulk of his tariffs in February, imposing a 10% across-the-board surcharge set to expire July 24. • The trade statute allows the president to impose a temporary tariff of as much as 15% for up to 150 days to address "large and serious" balance-of-payments deficits. • The small businesses that brought the suit, a spice company and a toy retailer, are represented by the Liberty Justice Center, the same group that helped argue the last successful tariff challenge before…
7 May 00:00 · Inlandnewstoday