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President Donald Trump lost one avenue to impose tariffs, but he still has the authority to place duties on pharmaceutical imports.
Nearly a year after Trump’s chaotic “Liberation Day” tariff rollout, the US Supreme Court ruled on Friday that Trump doesn’t have the authority to impose tariffs under the International Emergency Economic Powers Act (IEEPA). Trump had relied on the IEEPA to place broad, reciprocal tariffs on a list of countries including China (34%) and the EU (15%).
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