Overview

• The panel concluded the 1977 International Emergency Economic Powers Act does not grant the president authority to levy general import taxes, which it said remains a congressional power.
• The ruling targets sweeping reciprocal surtaxes that applied to most imported goods at rates reported between roughly 10% and 50%.
• President Trump said the tariffs remain in force and announced plans to seek review by the U.S. Supreme Court.
• The Treasury reported about $107 billion in tariff collections from February through July, creating potential exposure to large refunds if the decision is ultimately upheld.
• The cases were brought by U.S. businesses led by importer VOS Selections and by about a dozen states, and narrower sectoral tariffs under other laws are not directly affected.