Source: Axios
“A federal appellate court issued a stay Tuesday night freezing a lower court’s ruling that had invalidated most of President Trump’s tariffs. The ruling preserves, for now, Trump’s sweeping efforts to reorder international trade, but will also prolong the uncertainty over their impact. The Court of International Trade ruled May 28 that Trump didn’t have the authority under the International Emergency Economic Powers Act to impose broad reciprocal tariffs, and ordered that the IEEPA levies be lifted. A day later, the U.S. Court of Appeals for the Federal Circuit issued a temporary pause of that ruling while it considered motions to issue a longer-term stay. The appellate court issued that stay Tuesday night, and ordered both sides to prepare for oral arguments on July 31.”