Trump's New Tariffs Also Illegal, Says Trade Court

President Trump's 10 percent tariffs–instituted to replace his initial slate of tariffs which were struck down by the Supreme Court in February–are also illegal, a federal trade court ruled on Thursday, according to the New York Times. 

Owners of European-bred horses purchased abroad are now in the process of applying for refunds for tariffs paid under the International Emergency Economic Powers Act (IEEPA), as reported by Dan Ross in Thursday's TDN. It's too early to say if purchasers of European-breds who have brought them to America at the recent two-year-old sales in Europe will also be eligible for refunds, nor whether buyers at Arqana May will have to pay a tariff on Saturday, now that they have been ruled illegal, but the ruling is almost certain to stimulate American buying abroad. The administration could appeal the verdict, but a final ruling against the tariffs would likely lead to repayments, the Times says.

The ruling is in regard to President Trump's use of Section 122 of the Trade Act of 1974, which allows the president to levy a tariff of up to 15 percent for 150 days to address `balance of payment' issues, according to the Times.

States and small businesses sued the administration at the Court of International Trade, where a panel of three judges decided the case, finding that he waged a trade war without the express consent of Congress.

U.S. citizens and businesses paid $166 billion in tariffs before the Supreme Court struck them down in February.