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  • 작성자 : 권진현
  • 소속 : Korea International School Jeju official club BERA (Business Economics Review Associates)
  • 등록일 : 2025.02.14
  • The Economic and Legal Impact of Trump Proposing Suggested Tariff Program under IEEPA
The Economic and Legal Impact of Trump Proposing Suggested Tariff Program under IEEPA
Sunwoo Choi
Tariffs have long been a contentious tool in economic politics, with a potential to redefine trends in trading worldwide and shape industries at a national level. U.S. former President Donald Trump is mulling over utilizing the International Economic Emergency Powers Act (IEEPA) in imposing general tariffs under a declared national state of financial urgency. IEEPA’s first-ever use under such a scenario has aroused controversy over its effectiveness in terms of its economy, legality, and impact worldwide.

IEEPA, signed into legislation in 1977, grants U.S. Presidents powers to direct commerce in times of national urgency. Traditionally, it has been utilized in imposing financial penalties and not general tariffs. Trump utilized IEEPA in 2019, when threatened tariffs for goods in Mexico in an effort to tackle migration, but tariffs have not been levied. In case Trump utilizes IEEPA in levying tariffs, it will be a big legal precedent, most likely inviting lawsuits by trading groups and trading countries.

Its promoters believe tariffs will stimulate domestic production through a heightened price for goods in nations abroad, in turn, spurring domestic production. Coalition for a Prosperous America promotes such an act, arguing it will rebuild America’s base of industries. Others warn tariffs will escalate U.S. companies' expense for goods acquired through imports, creating inflation and potentially limiting consumption for Americans. Long-term financial implications are uncertain, as it will rely on industries and buyers' reaction towards pricing rise.

If implemented, widespread tariffs could strain relations with key trading countries such as China, Canada, and the European Union. Today’s economy worldwide is closely intertwined, and retaliatory tariffs in affected countries could hurt U.S. exporting industries such as agricultural and technology sectors. U.S. trade wars in the past have proven tariffs can stimulate domestic industries in the short-term, but generate long-term inefficiencies and trade wars in most instances.

The use of IEEPA to implement widespread tariffs is a U-turn in U.S. trading policy. On one level, the move can stimulate domestic production and national security, but at a price in terms of inflation, worldwide reprisal, and lawsuits. As Trump’s administration ponders its options, national financial gain and global financial security sits at a critical crossroads. Ultimately, such a policy will rely on its administration and reaction in years to come.


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