The International Emergency Economic Powers Act (IEEPA), 1977:
The US Supreme Court recently struck down tariffs imposed by President Donald Trump under the International Emergency Economic Powers Act (IEEPA), 1977.The IEEPA is a US federal law that grants the President authority to regulate international commerce during a declared national emergency arising from external threats.It allows economic measures such as sanctions and restrictions on transactions to protect US national interests.Enacted in 1977 by the US Congress.It replaced and limited the earlier broad powers under the Trading with the Enemy Act (TWEA), 1917.Aim is to enable the US President to respond swiftly to extraordinary external threats affecting national security, foreign policy, or the economy.Primarily designed as a sanctions framework rather than a trade tariff instrument.
