对等关税命运难测：美上诉法院关键审判开启庭辩 法官质疑特朗普授权

Core Points - The fate of the reciprocal tariffs remains uncertain as a court case questions the legal basis for President Trump's significant tariff actions [1] - The case "VOS Selections v. Trump" is pivotal, with judges expressing skepticism about the authority granted to the president under the International Emergency Economic Powers Act (IEEPA) [1][3] - If the Trump administration loses the case, it may have to seek congressional authorization for its tariff strategy, which could significantly impact its trade agenda [1] Legal Context - The judges are particularly focused on the absence of the term "tariff" in the IEEPA, which mentions "foreign exchange, payments, and currency" [3] - The argument presented by the Department of Justice claims that Congress has granted the president the power to regulate imports during a national emergency, which includes imposing tariffs [4] Market Implications - If the Trump administration wins, it would gain substantial new powers to impose and relax tariffs on foreign entities, setting a precedent for future presidents [5] - Conversely, a loss could lead to a murky future for Trump's tariff policies, with potential international disputes arising from countries seeking to revoke agreements made under the current tariff regime [5]