Earlier this week, the White House announced a new 10% tariff on most imports into the United States to begin on Saturday, as well as country-specific additional duties. ( CNN breaks down the countries impacted by specific tariffs.) President Trump cited the International Emergency Economic Powers Act (IEEPA) and the National Emergencies Act (NEA) in declaring a "lack of reciprocity in our bilateral trade relationships" a national emergency warranting the unprecedented move. The Congressional Research Service provides historical background on the closest analogue, Richard Nixon’s 1971 emergency tariff, in its recent report . CRS notes that Congress has the power to terminate the national emergency through a joint resolution of disapproval, or to amend the law cited by President Trump to limit its role in imposing tariffs. The tariff announcement provoked the largest one-day decline in the stock market since the early days of the COVID-19 pandemic in 2020. Markets have co...
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