On 28 May, the U.S. Court of International Trade (CIT) issued a ruling blocking President Trump from imposing tariff actions under the International Economic Emergency Powers Act (IEEPA). The unanimous ruling from the CIT notes that IEEPA does not grant the president “unbound authority” to impose tariffs on almost every trading partner. The judges provided a 10-day period in which the government must implement the operational changes to halt the collection of tariffs.
Last week, there have been updates on U.S-EU trade relations, U.S. tariff negotiations, developments in trade in Europe and China, legal actions against President Trump’s tariffs, and actions at the WTO. Please see below for a summary of all updates through May 27.
Last year, US imports of food packaging and processing machinery under HS 8422 and 8438 from the EU totaled almost $5 billion. The proposed change in reciprocal tariffs from the 10% baseline to 50% would increase annual tariff costs by $2 B
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