"Will Remain in Place Until Final Ruling"... Trump's 10% Tariff to Continue

【The Financial News, New York = Lee Byung-chul】 The United States Court of Appeals has temporarily suspended the effect of a lower court ruling that found the Donald Trump administration's '10% global tariff' invalid. As a result, the 10% tariff on countries around the world that the Trump administration is pursuing is expected to remain in place for now.
According to Reuters, the United States Court of Appeals said on the 12th (local time) that it would temporarily suspend the lower court's ruling invalidating the Trump administration's 10% global tariff under Section 122 of the Trade Act of 1974.
The existing tariffs will therefore remain in effect while the case is reviewed on the merits. Three importers that had previously won exemptions from the tariffs were also brought back under the tariff regime.
The decision follows last week's ruling by the United States Court of International Trade that the Trump administration's tariff policy was unlawful. At the time, the court said the administration had interpreted Section 122 of the Trade Act of 1974 too broadly and had overused presidential authority.
Earlier this year, after the U.S. Supreme Court blocked the Trump administration's tariff policy based on the International Emergency Economic Powers Act (IEEPA), the administration turned to Section 122 of the Trade Act of 1974 as a new workaround and introduced a 10% global tariff.
However, the United States Court of International Trade halted the move, ruling that a simple trade deficit is different from the 'balance-of-payments crisis' situation envisioned by Section 122.
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pride@fnnews.com Lee Byung-chul Reporter