Overview

• An en banc Federal Circuit ruled 7–4 that the International Emergency Economic Powers Act does not authorize the president to levy broad, long‑duration import taxes.
• President Trump said he will ask the Supreme Court for an expedited ruling, arguing the tariffs are vital for the economy and national security.
• The stay leaves the duties in effect through October 14, with Treasury reporting year‑to‑date collections exceeding $140 billion and projecting much higher annual receipts.
• The Justice Department has warned that invalidation could force large tariff refunds and strain the budget, while stocks fell Tuesday and trading partners reassessed deals tied to the duties.
• The decision covers the reciprocal and fentanyl‑related tariffs but not sector‑specific levies like steel, aluminum and autos, and officials are weighing narrower alternatives under other trade statutes or potential legislation.