WASHINGTON, D.C. – National Foreign Trade Council (NFTC) President Jake Colvin today issued a statement following the Supreme Court’s decision regarding the use of the International Emergency Economic Powers Act (IEEPA) to implement tariffs:
“It’s a relief to see the Supreme Court unequivocally decide that IEEPA did not provide the authority for the administration to impose more than $133 billion in tariffs on American businesses and consumers.
“In the short-term, this ruling could increase uncertainty as companies digest the impact of this decision, but ultimately should bring longer-term relief for American businesses and consumers.
“We hope the administration will seize this opportunity to recalibrate its approach rather than rushing to replicate some or all of the tariffs through other means.
“The administration has a unique chance to pivot towards a much more targeted approach to tariffs while focusing on lowering prices for businesses and consumers and creating greater certainty with our trading partners.
“Tariff authority belongs to Congress. This decision should be an inflection point and a reason for Congress to finally reclaim control of its Constitutional authority. We encourage a bipartisan effort to reform the delegation of the full range of tariff authorities, which would increase certainty for American businesses and consumers.
“We urge the administration to honor the spirit of the decision and identify a low-burden and automated administrative process to return tariff revenue to U.S. importers quickly and efficiently.”
###
About the NFTC
The National Foreign Trade Council (NFTC) is the premier business association advancing trade, tax, national security and supply chain policies that support access to the global marketplace. Founded in 1914, NFTC promotes an open, rules-based global economy on behalf of a diverse membership of U.S.-based businesses, who account for over $6 trillion in revenue and employ nearly 6 million people in the United States.
