“The Constitution grants Congress the exclusive power to ‘lay and collect Taxes, Duties, Imposts and Excises’ and to ‘regulate Commerce with foreign Nations.’ The central question in these two cases is whether the International Emergency Economic Powers Act of 1977 (‘IEEPA’) delegates these powers to the President, effectively authorizing the imposition of unlimited tariffs on goods from nearly every country in the world The court does not read IEEPA as granting such sweeping authority and, as a result, sets aside the challenged tariffs imposed under it” says a US Court of International Trade ruling in VOS Selections Inc, et al v the United States, et al. Probably a bad day for the fat bastard.
Axios’s two-sentence article says the ruling “could bring the trade war to a screeching halt.”