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A US court has ruled that US President Donald Trump’s recently imposed reciprocal tariffs, which have stunned the global jewellery and diamond industry, are illegal. | Source: Rappler
A US court has ruled that US President Donald Trump’s recently imposed reciprocal tariffs, which have stunned the global jewellery and diamond industry, are illegal. | Source: Rappler

President Trump’s tariff saga continues with new court ruling

A US court has ruled that US President Donald Trump’s recently imposed reciprocal tariffs, which have stunned the global jewellery and diamond industry, are illegal.

The US Court of Appeals for the Federal Circuit voted in a 7-4 ruling Friday that the law President Trump used to invoke the levies, the International Emergency Economic Powers Act (IEEPA), does not authorise the president to place those duties on imports.

As reported by Rapaport News, the ruling follows a May decision of the US Court of International Trade, which was subsequently overturned by another court. The appeals court stated that Congress has the right to impose tariffs.

The court’s decision will take effect on 14 October, allowing President Trump to appeal to the Supreme Court for a reversal. Trump took to social media to express his frustration with this recent decision.

“Today, a highly partisan appeals court incorrectly said that our tariffs should be removed, but they know the US will win in the end,” he said in a social media post.

“If these tariffs ever went away, it would be a total disaster for the country. If allowed to stand, this decision would literally destroy the United States of America.”

Since April, Trump has levied reciprocal duties on many countries, ranging from 10 per cent to 50 per cent. These tariffs have sparked widespread concern in various sectors of the global industry, including the diamond trade in India, the opal trade in Australia, and the broader luxury goods industry in Europe.

 

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