US small businesses challenge Trump's tariff rationale, cite constitution

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US small businesses challenge Trump's tariff rationale, cite constitution - Business Standard

Quick Summary:

IEEPA gives the president broad power to regulate certain financial transactions when declaring a national emergency in response to an “unusual and extraordinary threat.

They argued that their clients will face increased “costs for the goods they sell, less demand for their higher prices products, and disrupted supply chains, among other threats to their livelihood, up to and including potentially bankrupting otherwise-solvent companies.The case is V.O.S.Selections v.

The suit is at least the third challenging Trump’s tariffs, though some industry groups in the US have been hesitant to oppose the levies in court.