On the Administrative Stay against Trump’s Tariff Ruling

The Court of Appeals for the Federal District has issued an administrative stay on yesterday’s ruling by the International Trade Court, which had vacated Trump’s tariffs under the International Emergency  Economic Powers Act. Plaintiffs have until June 5 to brief, defendants have until June 9 to respond. The tariffs stay in place at least till then, and while the case plays out. The stay was issued en banc by all the active judges, the majority of whom were appointed by Democratic presidents. We don’t yet know who or how many will make up the panel that decides the case. However the Court of Appeals rules, it is a court with national jurisdiction and the power to create national precedent. Surely the case will end up in the Supreme Court where we think Trump will lose. Market reaction is muted, having gotten used to the performative politics of Trump tariffs. Trump has other ways to impose tariffs, but they are more limiting. The worst is over.