A federal court ruling against President Donald Trump’s authority to impose sweeping tariffs might be only a temporary setback for the administration, say Goldman Sachs economists.
The New York-based U.S. Court of International Trade ruled on May 28 that Trump exceeded his authority by tapping the International Emergency Economic Powers Act (IEEPA) to implement levies on other countries.
The IEEPA is a federal law enacted in 1977 that permits the president to regulate global commerce in response to national emergencies.
Last month, Senate Democrats, with the help of four Republicans, scrapped the IEEPA in a 51–48 vote.
However, it was essentially a symbolic move as it will not be approved in the House, and the president wouldn’t sign it….
Despite Court Ruling, Trump Has More Tariff Levers to Pull, Says Goldman Sachs
