Good morning. For months, many business leaders have quietly opposed President Trump’s tariffs—quietly because many were shocked and unnerved that one man could upend the global economy and hard-wrought trade deals with a flash of his pen from the Oval Office.
In many ways, this is a triumph of the legislative branch of government, reasserting the role of Congress in levying tariffs and establishing limits on the executive branch. The court itself was established by an act of Congress in 1980 and traces its roots back to a tariff law passed in 1789.
Now, of course, the tariffs drama will shift back to the judicial branch of government after the president’s lawyers indicated that they would appeal the court’s decision. Ultimately, the scope of presidential powers and clarity on what constitutes an emergency order under IEEPA may be decided by the Supreme Court.
In the meantime, a little-known institution operating out of lower Manhattan has reminded the rest of the world that the rule of law and division of powers matter.
