THE TRANSATLANTIC MAGAZINE
THE TRANSATLANTIC MAGAZINE
The vibes coming out of Washington DC are that the Trump Administration is in the process of formulating a ‘Plan B’ in the event that the US Supreme Court rules against the Administration and finds as illegal, those tariffs introduced under emergency powers contained in the International Emergency Economic Powers Act (“IEEPA”).
In the recent oral hearing, the Supreme Court Justices appeared to be skeptical of the arguments presented by the Administration’s lawyers.
Speculation is that use of Sections 301 and 122 of the Trade Act are being considered as part of ‘Plan B’. That legislation grants the President the unilateral ability to impose duties. However, going down that route would involve more limited scope than the wide-ranging powers asserted by the President and now under review by the Supreme Court.
One thing is for sure, Donald Trump loves tariffs and a rebuff by the Supreme Court will not dampen his enthusiasm.
John Havard is a US/UK Private Client consultant at leading audit, tax and business advisory firm, Blick Rothenberg
