Yesterday, Trump announced his latest tariff blitz – with rates generally ranging from 15 to 40% starting on August 7.

These rates are much lower than the April 2 “Liberation Day” rates that sent markets into a tailspin, but are still high in many countries like Switzerland and South Africa.  This is the last thing the U.S. economy needs right now.

Meanwhile, the Federal Circuit Court of Appeals is now hearing a case on the legality of this whole scheme.

The emergency powers granted by Congress don’t specifically authorize tariffs. We’ve said many times that the Constitution is clear that all taxes must be approved by Congress and start in the House. The Wall Street Journal reports that the appeals court appears to agree with us on this:

Regardless of what one thinks of the Trump trade deals – which we think have been impressive – it is critical that the courts NOT grant Trump – or any president – the right to raise taxes unilaterally.

If the Court does allow Trump to impose tariffs never approved by Congress, just wait till the Left gets back in power.

Yikes.