Prof G Markets Federal Appeals Court Strikes Down Trump’s Tariffs & De Minimis Loophole is Closed
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Sep 2, 2025 A federal appeals court ruling found many of Trump's tariffs illegal, shaking up the economic landscape. The conversation dives into how this affects consumers and the ongoing debate about presidential power. The closure of the de minimis loophole is also explored, revealing its significant impact on low-income households reliant on affordable imports. Additionally, the podcast discusses the ethical implications tied to labor practices within global trade, raising thought-provoking questions about tariffs and inequality.
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Appeals Court Says Tariffs Exceeded Law
- A federal appeals court ruled many of Trump's tariffs illegal because the International Emergency Economic Powers Act doesn't authorize tariffs or taxes.
- The court left the tariffs in place until Oct 14 to allow appeals, likely sending the issue to the Supreme Court.
Law Professor Breaks Down The Legal Battle
- Professor David Gantz explained the IEPA is broad and ambiguous, creating difficult legal questions about presidential tariff power.
- He predicted the Supreme Court might side with the president because of precedent and the current Court's record.
Court Highlights Historical Limits Of IEEPA
- The appeals court emphasized presidents historically used IEEPA for targeted sanctions, not blanket tariffs on nearly every country.
- The court invoked Madison: taxing power belongs to Congress, so large tariff measures should not be unilateral.