Hot rolled steel coils are located outside the Indiana NLM facility in Portage, Indiana, United States.
Daniel Acer | Bloomberg |
On Monday, the Supreme Court said it would not yet hear a dispute over President Donald Trump's tariffs on steel imports into the United States.
The news was announced in an order with no remarks. The court's decision not to deal with the case leaves a ruling by the March Court of Justice of the International Trading Court, which allows Trump's tariffs.
The case was filed by a group of steel companies claiming to be injured by 25% steel import tariffs that Trump ordered at the beginning of last year. These tariffs have raised nearly $ 4.5 billion so far, the group wrote in a brief report to the largest court, a figure that "greatly underestimates the irreparable and continuing damage" to their business.
Steel stocks are lagging behind in the wider market on Monday morning. 1
Congress has rebuked the president for using tariffs, but has so far not taken meaningful legislative action to limit his power. not to accept the case and asserts that the president has extensive powers in foreign affairs and national security.
The case was handed over to the Supreme Court in an unusual process that seeks to speed up its review. The plaintiffs, urging judges to examine the case quickly, noted that Trump is considering tariffs for importing cars and auto parts in the coming months, also in line with Article 232. Judges can agree to take the case at a later date after they face in front of him.
Steel tariffs apply to all countries except Argentina, Australia, Brazil, Canada, Mexico and South Korea under Customs and Border Protection
The case is known as the American Institute for International Steel, et al. United States, No. 18-1317. Protecţionism is a big problem for the merger and acquisitions market