Summary:
A conservative legal group is suing the Trump administration over the president’s tariffs on Chinese imports, alleging that they were imposed through an “unlawful” use of emergency executive power.
The 29-page complaint filed Thursday by the New Civil Liberties Alliance (NCLA) in the Northern District of Florida alleges that the authority to impose tariffs lies with Congress, not the president.
“By invoking emergency power to impose an across-the-board tariff on imports from China that the statute does not authorize, President Trump has misused that power, usurped Congress’s right to control tariffs, and upset the Constitution’s separation of powers,” NCLA senior litigation counsel Andrew Morris said in a statement accompanying the lawsuit.
According to the nonprofit group, the statutes under which Trump purported to issue the levies — the International Emergency Economic Powers Act of 1977 (IEEPA) — grants the executive sweeping authority to quickly combat international economic crises, permitting the president to “order sanctions as a rapid response to international emergencies.” However, the NCLA asserts that the emergency statute does not allow the president to usurp the legislative branch’s control of the country’s purse strings through the unilateral imposition of tariffs.
“Congress passed the IEEPA to counter external emergencies, not to grant presidents a blank check to write domestic economic policy,” the complaint states.
The right-leaning legal group is seeking a court order declaring that Trump’s tariffs are an “unconstitutional exercise of legislative power” and enjoining them from being implemented and enforced.
S&P is down even more YTD. I am not figuring it out from inauguration day. DJ is only down 9.62% so far. S&P is down 13.53% YTD
6,049.24 on 1/21, closed at 5,074.08 on Friday.
Down 975.16 since Trump took office. In 2009, the day Obama was sworn in, it was $849.64.
Trump has lost 115% of the entire S&P 500 value from 2009.
(Note, Trump’s numbers count from 1/21 not 1/20 because the market was closed 1/20 for MLK Day.)
Edit As long as we’re doing numbers…
NASDAQ - 1/21 - 19,756.78, last Friday 15,587.79. Dropped 4,168.99.
1/20/2009 - $1,440.86
Trump has lost 289% of the entire NASDAQ value from when Obama was sworn in.
And we thought BUSH was a disaster for driving the markets down to those levels.