""[I]f the President has the ability to select among the sub-accounts to identify a balance-of-payments deficit, unless every sub-account is balanced, the President would always be able to identify a balance-of-payments deficit," the court said in its ruling. "Such an expansive reading of the statute" would give Trump unlimited tariff power that belongs to Congress, the court said."
"The trade statute allows the president to impose a temporary tariff of as much as 15% for up to 150 days to address "large and serious" balance-of-payments deficits."
President Trump used Section 122 of the Trade Act of 1974 to impose a 10% across-the-board tariff surcharge expiring July 24, following a Supreme Court decision that invalidated most of his earlier tariffs in February. This provision allows temporary tariffs up to 15% for 150 days to address "large and serious" balance-of-payments deficits. Small businesses, including a spice company and toy retailer represented by the Liberty Justice Center, challenged the tariffs. The Court of International Trade ruled that if the president can define what constitutes a balance-of-payments deficit, he could always identify one, effectively granting unlimited tariff authority that belongs to Congress. The court dismissed claims from 23 of 24 state attorneys general, finding their harms too indirect to establish standing.
Read at Axios
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