A recent ruling by the US Court of International Trade concluded that President Trump does not possess unilateral authority to impose tariffs under a 1977 law, serving as an early yet notable setback in his second term. This decision highlights concerns regarding his administration’s legal framework for tariffs, as noted by GMU professor Ilya Somin. In reaction, markets appeared to favor the ruling. Meanwhile, Elon Musk announced a hiatus from government projects due to dissatisfaction with proposed legislation and other dealings, demonstrating a breezy transition among high-profile figures in politics and business.
The US Court of International Trade ruled that President Trump doesn't have the unilateral power to set tariffs under a 1977 law, marking a significant legal setback.
GMU prof Ilya Somin stated that the limitless authority claimed by Trump is a reason why courts must strike down the tariffs, reflecting deep legal concerns.
Markets responded positively to the court's decision, which has implications for Trump's controversial actions during his presidency.
Elon Musk expressed his disillusionment with government ventures, particularly criticizing the 'One Big Beautiful Bill' and a data center deal favoring OpenAI.
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