A coalition of twelve states sued President Donald Trump, seeking a court order to declare his new import tariffs illegal, according to CNBC. The suit argues that Trump has overstepped his authority under the International Emergency Economic Powers Act by unilaterally imposing sweeping tariffs. The suit contends that only Congress has the constitutional power to impose taxes and duties. It follows a separate legal challenge from small businesses and criticizes Trump’s use of IEEPA as unprecedented and unconstitutional.
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00:00It's Benzinga bringing Wall Street to Main Street.
00:02Coalition of 12 states sued President Donald Trump seeking a court order
00:06to declare his new foreign import tariffs illegal, according to CNBC.
00:10The suit argues that Trump has overstepped his authority
00:11under the International Emergency Economic Powers Act
00:14by unilaterally imposing sweeping tariffs.
00:17The suit contends that only Congress has the constitutional power
00:20to impose taxes and duties.
00:22It files a separate legal challenge from small businesses
00:25and criticizes Trump's use of IEPA as unprecedented
00:29and unconstitutional.
00:30For all things money, visit Benzinga.com slash GSTV.