债市启明｜联邦巡回上诉法院裁决对特朗普关税意味着什么？

Core Viewpoint - The U.S. Court of Appeals confirmed that the Trump administration exceeded its authority under the International Emergency Economic Powers Act (IEEPA) in implementing tariff measures, with a decision effective date postponed to October 14 for potential Supreme Court review [1][2]. Summary by Sections Court Ruling - The U.S. Court of Appeals ruled 7-4 that the Trump administration's actions under IEEPA exceeded presidential authority, emphasizing that the Constitution grants Congress the power to impose tariffs [2]. - The court noted that while IEEPA allows the president to regulate international economic transactions during emergencies, it does not explicitly grant tariff authority [2]. Implications of the Ruling - The ruling primarily affects tariffs imposed on numerous countries during Trump's second term but does not impact tariffs imposed under Section 232 for steel, aluminum, and automobiles [2]. - The Trump administration expressed dissatisfaction with the ruling and plans to appeal to the Supreme Court [2]. Historical Context - Historical precedent exists where President Nixon faced similar legal challenges regarding tariffs, ultimately winning the case, which Trump may cite as a defense [3]. Future Actions - If the Supreme Court upholds the lower court's ruling, the Trump administration may seek alternative methods to impose tariffs, although flexibility in tariff policy would be significantly reduced [4]. - Potential alternative methods include invoking various trade laws to impose tariffs, such as the Trade Act of 1974 and the Tariff Act of 1930, though some methods may require evidence of discrimination against U.S. commerce [5].