Tariffs Lose On Appeal -- Sort Of

This is a hot take, with updates likely over the three-day weekend. The Court of Appeals for the Federal Circuit has ruled the tariffs under the International Emergency Economic Powers Act of 1977 are unlawful. The decision had four dissents among the eleven-judge bench, two appointed by Bush and two appointed by Obama. The majority opinion ordered the tariffs to stay in place pending the government's potential appeal to the Supreme Court, which must be petitioned by October 14. In the meantime, the case has been remanded back to the Court for International Trade for a ruling as to its authority to issue a "universal injunction" in light of SCOTUS's recent CASA decision. We are confident the court will affirm the universality of its injunction against the tariffs, but remand is an opportunity for the government to slow down the process. We are confident that the Supreme Court will strike down the tariffs but are disappointed that it now seems destined to take longer than we had hoped.