Part 7/11:
In a notable legal development, a federal court in New York has blocked much of former President Trump's expansive tariffs, ruling that he overstepped his authority by invoking the 1977 International Emergency Economic Powers Act (IEPA) to justify sweeping trade measures.
Trump had declared a national emergency over the U.S. trade deficit, applying tariffs of 10% on nearly all imports, as well as reciprocal tariffs of up to 50% on countries with trade deficits, including China, Canada, and Mexico. These tariffs were intended to protect American industries but faced significant legal scrutiny.