International Emergency Economic Powers Act (IEEPA)

The International Emergency Economic Powers Act (IEEPA), enacted in 1977, is a law that enables the US President to impose economic sanctions on countries deemed a threat to national security or foreign policy interests. Recently, the Supreme Court struck down President Trump's sweeping global tariffs, which were imposed using emergency powers under IEEPA. This development has significant implications for international trade and commerce. The Trump administration has announced plans to replace the struck-down tariffs with new levies, raising them from 10% to 15%. Businesses and governments around the world are seeking repayment for estimated $133 billion in tariff costs already collected. As the US navigates this complex economic landscape, IEEPA remains a crucial tool for the President's trade policies.