BREAKING: Appeals court issues ruling on Trump tariffs [Trump responds]

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From CNBC News: A federal appeals court ruled Friday that most of President Donald Trump’s global tariffs are illegal, striking a massive blow to the core of his aggressive trade policy.

The U.S. Court of Appeals for the Federal Circuit ruled that the law Trump invoked when he granted his most expansive tariffs does not actually grant him the power to impose those levies.

Trump is all but certain to appeal the ruling to the Supreme Court. The appellate court paused its ruling from taking effect until Oct. 14, in order to give the Trump administration time to ask the Supreme Court to take up the case.

The Trump administration has argued that the International Emergency Economic Powers Act, or IEEPA, empowers the president to effectively impose country-specific tariffs at any level if he deems them necessary to address a national emergency.

Since the ruling does not take effect until October 14, the Trump administration can continue collecting the tariffs for now.

More from the Wall Street Journal: 

The 7-4 ruling from the U.S. Court of Appeals for the Federal Circuit upheld a lower-court decision that undercuts a core tenet of President Trump’s economic agenda. The majority found the president overstepped his authority under a 1977 law known as the International Emergency Economic Powers Act, or Ieepa. 

The levies voided by the decision include baseline tariffs of 10% on virtually all countries, steeper tariffs on countries the administration considers bad actors on trade and an additional set of tariffs on Canada, China and Mexico. 

NEXT STOP: The U.S. Supreme Court!

President Trump responded to the ruling, blasting out the following statement on Truth Social:

ALL TARIFFS ARE STILL IN EFFECT! Today a Highly Partisan Appeals Court incorrectly said that our Tariffs should be removed, but they know the United States of America will win in the end. If these Tariffs ever went away, it would be a total disaster for the Country. It would make us financially weak, and we have to be strong.

The U.S.A. will no longer tolerate enormous Trade Deficits and unfair Tariffs and Non Tariff Trade Barriers imposed by other Countries, friend or foe, that undermine our Manufacturers, Farmers, and everyone else. If allowed to stand, this Decision would literally destroy the United States of America.

At the start of this Labor Day weekend, we should all remember that TARIFFS are the best tool to help our Workers, and support Companies that produce great MADE IN AMERICA products. For many years, Tariffs were allowed to be used against us by our uncaring and unwise Politicians.

Now, with the help of the United States Supreme Court, we will use them to the benefit of our Nation, and Make America Rich, Strong, and Powerful Again! Thank you for your attention to this matter.

Earlier this month, President Trump said while speaking to reporters, “We’re going to pay down debt. We have a lot of money coming in — much more money than the country’s ever seen, by hundreds of billions of dollars… we should’ve done this many years ago.”

“I’m not looking for leverage — I’m looking for FAIRNESS,” Trump said. “We want to see reciprocal wherever we can, and all I can say is this: our country will be taking in hundreds of billions of dollars.”

Last week, Trump commented on the tariffs also:

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