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Trump administration files appeal to Supreme Court to keep tariffs in place
The Trump administration appealed to the Supreme Court to uphold its broad tariffs after a lower court deemed them illegal. This appeal significantly impacts global trade, potentially overturning a large portion of Trump's trade policies. A federal appeals court ruled that Trump overstepped his authority using the International Emergency Economic Powers Act (IEEPA). The court allowed the tariffs to remain temporarily until October 14th, but this doesn't affect tariffs on steel, aluminum, and autos. The administration requested a swift Supreme Court decision, emphasizing the high stakes involved. The government argued the lower court's decision undermines crucial emergency powers. Businesses challenging the tariffs expressed hope for a quick resolution. Trump claimed the tariffs' removal would cause an economic crisis, a view disputed by most economists. Despite this, the tariffs were projected to boost federal revenues substantially, according to the Congressional Budget Office.