00:00Let's start with that Supreme Court ruling. They've struck down the tariffs that were announced by President Trump's administration in
00:08line with the International Emergency Economic Powers Act.
00:12That's an act going back to 1977, I gather. Was the president wrong to have used that particular law?
00:18Well, very good to be with you. Yeah, the Supreme Court, this was a pretty contentious body of law that
00:26had never really been decided before. So it went all the way up to the Supreme Court. Even the Court
00:32of Appeals in the United States was divided on this issue.
00:35It ultimately, the majority opinion determined that the president didn't have tariff authority. But as it went to the Supreme
00:41Court, the Supreme Court was able to decide this on two grounds, whether in terms of the president's foreign policy
00:48powers, IEPA governed this, IEPA is the shorthand forum for the law, or whether based on the text, based on
00:55congressional intent and legislative history, whether the president had this authority.
01:00Ultimately, the Supreme Court looked at the body of law, looked at the legislative history, looked at all of the
01:06other bodies of law that actually do give the president tariff authority, compared it against IEPA, and ultimately determined that
01:13this body of law in particular only allows the president to block transactions like in sanctions, how the U.S.
01:20government uses sanctions, but does not allow the president or the executive branch to impose tariffs on imports.
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