Overview

• The U.S. Court of Appeals for the Federal Circuit maintained the Cold War–era IEEPA tariffs in effect pending full review after fast-tracked oral arguments on July 31.
• Trump has imposed sweeping reciprocal duties on goods from over 60 countries, including a 50% surcharge on Indian imports, citing record stock market highs and hundreds of billions in federal revenue.
• In a Truth Social post, the president warned that overturning the tariffs by a “Radical Left Court” would bring about “1929 all over again, a GREAT DEPRESSION.”
• Financial markets reacted with volatility when the duties took effect, with the Dow Jones Industrial Average falling 0.5% on Thursday and then rebounding 0.6% on Friday.
• A coalition of blue states and small businesses is pursuing constitutional challenges that could reach the Supreme Court, and experts like Paul Ryan predict the IEEPA authority may ultimately be struck down.