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18 views | 7 hours ago

Trump whines and cries about the Supreme Court shooting down his Tariffs filed under the International Emergency Economic Powers Act (IEEPA) Act of 1977

The Supreme Court rightly shot down Trump's Tariffs filed under the IEEPA, 2 of those Justices were ones he appointed, Amy Coney-Barrett and Neil Gorsuch. Congress has the power to levy taxes and they gave the President limited powers to do so under the Fair Trade Act of 1974 and the International Emergency Economic Powers Act (IEEPA) Act of 1977. The 6 - 3 Majority in the Supreme Court believed that the President went outside of his bounds and scope to impose the tariffs filed under the IEEPA Act. As he stated, he could impose an embargo and stop all trade, but not impose tariffs under this law. The Fair Trade Act of 1974 would allow the President to impose some tariffs, but they had a maximum time limit of 150 days in which it would then take a Vote in Congress to extend them any further. Since then, the President has chosen to go that route. Also, it looks like Cantor Fitzgerald had been buying rights to tariff rebates for 20 - 30 cents on the dollar from some of these companies should the tariffs be struck down and rebates were going to be handed out and for those who don't know, Howard Lutnick, the Commerce Secretary was the CEO of that company before and his two sons STILL remain there. Now their company stands to profit quite a bit off of this ruling. Funny how that works, right?



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