THE U.S. SUPREME COURT HAS BLOCKED MOST OF PRESIDENT TRUMP’S EMERGENCY TARIFFS, RULING BY A 6-3 MAJORITY THAT THE PRESIDENT DID NOT HAVE THE POWER TO USE THE INTERNATIONAL EMERGENCY ECONOMIC POWERS ACT TO ENACT HIS SO-CALLED “LIBERATION DAY” TARIFFS ON MOST COUNTRIES.
REPUBLICAN SENATOR CHUCK GRASSLEY WEIGHED IN ON THE DECISION:
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GRASSLEY SAYS THE TARIFFS DID ACCOMPLISH SOME THINGS:
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PRESIDENT TRUMP CALLED THE RULING DEEPLY DISAPPOINTING.
THE PRESIDENT SAYS HE WILL BE SIGNING AN ORDER TO IMPOSE A 10-PERCENT GLOBAL TARIFF ON TOP OF THE TARIFFS ALREADY BEING CHARGED UNDER SECTION 122 OF THE TRADE ACT OF 1974.
THAT ALLOWS THE PRESIDENT TO ADD TEMPORARY TARIFFS FOR 150 DAYS.
AN EXTENSION OF THOSE TARIFFS WOULD REQUIRE CONGRESSIONAL ACTION.
