Whether IEEPA authorizes the President to impose tariffs

The International Emergency Economic Powers Act, 50 U.S.C. § 1701 et seq. (“IEEPA”) permits the President, upon a valid emergency declaration, to “investigate, block during the pendency of an investigation, regulate, direct and compel, nullify, void, prevent or prohibit, any acquisition, holding, withholding, use, transfer, withdrawal, transportation, importation or exportation of, or dealing in, or exercising any right, power, or privilege with respect to, or transactions involving, any property in which any foreign country or a national thereof has any interest[.]” Id. § 1702(a)(1)(B). Until now, no President in IEEPA’s nearly 50-year history has ever invoked it to impose tariffs—let alone the sweeping worldwide tariffs imposed pursuant to the executive orders challenged here. The question presented is: Whether IEEPA authorizes the President to impose tariffs.