Overview

• An appeals court held that the 1977 International Emergency Economic Powers Act does not authorize the president to impose sweeping import duties and stayed its ruling to mid-October.
• The Justice Department’s filing requests that, if the case is taken, oral arguments be scheduled by early November.
• Officials warn that striking down the levies could force refunds estimated at $750 billion to $1 trillion and unsettle trade and investment arrangements, including those recently negotiated.
• The challenged measures include the broad tariffs announced in April and certain country-specific duties, while sector-specific tariffs on steel, aluminum, and autos based on other laws remain in place.
• The suits were brought by a wine importer (VOS Selections), other small businesses, and about a dozen states, and the tariffs continue to apply during the stay.