Trump Tariffs Face Supreme Court Test As Small Business Challenge Authority Of Emergency Powers

Benzinga

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00:00It's Benzinga bringing Wall Street to Main Street.

00:02Small businesses urged the U.S. Supreme Court to uphold a ruling striking down President

00:06Donald Trump's global tariffs, calling them an illegal tax on American companies, according

00:10to Bloomberg.

00:11Ludic Resources argued that Trump unlawfully took over Congress's taxing power by using

00:16an emergency law to impose tariffs.

00:18The Supreme Court will decide whether Trump's tariffs were lawful under the 1977 International

00:22Emergency Economic Powers Act, which grants presidents broad authority during crisis.

00:27Lower courts have already ruled against Trump, finding he exceeded his legal powers.

00:31Trump argues his tariffs were lawful under the IEPA because the statute allows the president

00:36to regulate imports during a clear emergency.

00:39Justices will hear arguments on November 5th in a case that could reshape presidential

00:43control over trade policy.

00:45For all things money, visit Benzinga.com.

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