International Emergency Economic Powers Act (IEEPA)

The International Emergency Economic Powers Act (IEEPA) is a US federal law enacted in 1977. It grants the President broad authority to regulate commerce in response to unusual and extraordinary threats to national security, foreign policy, or the economy of the United States. This power includes the ability to impose tariffs and other trade restrictions. IEEPA is newsworthy because the Supreme Court is expected to rule on the legality of tariffs imposed by President Trump, which he claims authority for under IEEPA. Costco has sued the Trump administration seeking a refund of tariffs if the Supreme Court rules against the President's authority. This case represents a crucial legal test of the President's power under IEEPA and has significant implications for US trade policy and the balance of power between the executive and legislative branches.