A US federal court on Wednesday stayed the order of President Donald Trump to impose heavy duty on imports under the Emergency Powers Act. This has raised doubts about Trump’s economic policies that have shook the global financial markets.
These policies have disappointed trade partners and there has been widespread apprehension of inflation and recession in the economy. The verdict has been given by a three -judge bench of the US International Trade Court in New York.
Earlier, it was argued in many cases filed in this regard that Trump was misusing his rights and deciding the business policy of the country. Trump has said many times that the fees will be forced to bring the manufacturer factories back to the US, which will read employment opportunities for American people.
Trump says that this will give adequate revenue to reduce the federal budget deficit. Three judges heard the case. These include Timothy Reef appointed by Trump, Jane Restani appointed by former President Ronald Reagan and Gary Catzman appointed by former President Barack Obama.
The court wrote in its judgment, “The President has ordered a worldwide and counter -duty to go beyond its rights received by the IEEPA.” He made this comment, referring to the 1977 International Emergency Economic Powers Act (IEEPA).
The case was filed in the US International Trade Court, which is a federal court. This court especially hear civil cases related to the International Trade Law.
Although Parliament’s approval is usually required for the fee, Trump has said that he has the power to take action to overcome the trade deficit. At least seven cases have been filed against Trump’s order for charging the fee.
Trump has imposed a fee on most countries of the world as part of US efforts to reduce the vast and long -standing trade deficit. He initially imposed duty on imports from Canada, China and Mexico.
