Opinion: The U.S. Supreme Court Tariff Case May Have Limited Impact on the Economy

Jinse Finance reported that the US Supreme Court is currently reviewing whether the International Emergency Economic Powers Act (IEEPA) grants the President the authority to impose tariffs to guide economic activity when a state of emergency is declared. However, a recent article published by the Brookings Institution pointed out that regardless of the Court’s final decision, its actual impact on the economy may be relatively limited. "Even if the Supreme Court upholds the lower court's previous ruling unfavorable to Trump, he is still likely to have sufficient authorization under other trade laws to reimpose tariffs similar to those under the IEEPA in the future, although there may be some procedural obstacles in the process." If the Court rules that the President does not have the authority to levy taxes under the IEEPA, the greatest economic consequence may be that the government will need to refund more than $100 billions in tariffs that have been collected so far.