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yesterday

Trump Enacts Emergency Tariffs Up to 50%, Global Trade Pushback Intensifies

Legal appeals at the Federal Circuit follow petitions from the WTO along with BRICS partners to contest tariffs set near Depression-era highs

The Port of Oakland saw a sizable surge in imports last month, likely due to companies trying to front load product ahead of expected tariffs.
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The Port of Oakland in Oakland had a busy July, and that rate continued into the first week of August.

Overview

  • On August 7, the administration’s emergency powers order imposed reciprocal duties ranging from 10% to 50% on imports from nearly 100 countries.
  • Average U.S. import rates have climbed to about 18%, the highest level since the 1930s, prompting warnings of accelerating inflation and potential labor-market stagnation.
  • President Trump has credited the tariffs with record stock market highs and hundreds of billions in new revenue while vowing that overturning the measures would risk a ‘Great Depression’.
  • A challenge at the U.S. Court of Appeals for the Federal Circuit centers on the use of the International Emergency Economic Powers Act to bypass congressional trade authority.
  • Affected nations including India and Brazil are pursuing World Trade Organization consultations alongside BRICS solidarity efforts to counter the U.S. protectionist measures.