Overview
- Federal appeals courts have kept Trump’s IEEPA-based tariffs in effect while his administration appeals the U.S. Court of International Trade’s May ruling that declared the duties unauthorized.
- On July 31, the U.S. Court of Appeals for the Federal Circuit will hear oral arguments in V.O.S. Selections v. Trump to resolve whether the International Emergency Economic Powers Act grants the president unilateral tariff authority.
- More than eight lawsuits from states, tribes and businesses are challenging IEEPA tariffs across multiple federal circuits, with additional arguments scheduled through September.
- The White House maintains that the tariffs, including a 50% duty on Brazilian imports, are lawfully grounded in constitutional and congressional authority.
- Piper Sandler warns that a Supreme Court ruling against Trump could invalidate all IEEPA-based trade deals and duties and trigger refunds, prolonging policy uncertainty for U.S. investors and trading partners.