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US President Donald Trump has repeatedly said that tariffs could help pay down the $38 trillion, and growing, US national debt.<\/p>\n
The Supreme Court of the United States (SCOTUS) issued a ruling on Friday striking down most of US President Donald Trump\u2019s tariffs, with six of the nine Supreme Court justices ruling that the Executive Branch lacks authority to levy tariffs under the International Emergency Economic Powers Act (IEEPA). <\/p>\n
\u201cIEEPA does not authorize the President to impose tariffs,\u201d Friday\u2019s ruling<\/a> said, adding that the president has \u201cno inherent authority\u201d to impose tariffs during peacetime<\/a> using the statutes in the IEEPA. The ruling read:<\/p>\n Trump claimed that the purported inflow of drugs from Canada, China and Mexico, as well as the \u201chollowing out\u201d of the US industrial base, constituted a national emergency under IEEPA that justified the tariffs, which the court rejected.<\/p>\n In a press briefing following the decision, Trump lashed out at the justices who voted to strike down the tariffs and vowed to get them reinstated, Politico reported<\/a>. <\/p>\n