00:00It's Benzinga bringing Wall Street to Main Street.
00:02Republican lawmakers said Trump's new 10% global tariff will face congressional opposition
00:07after the Supreme Court ruled that trade authority rests with Congress, according to Benzinga.
00:13On Friday, Trump imposed the tariff after the high court blocked his use of the International
00:18Emergency Economic Powers Act to justify broad import taxes. The court ruled 6-3 that the
00:24administration improperly relied on emergency powers and reaffirmed Congress's authority
00:29over taxes and trade policy. Trump said Saturday he could raise the tariff to 15% under a provision
00:35of the 1974 Trade Act that allows temporary measures to address trade deficits.
00:41Representative Don Bacon said Congress will move to challenge the order.
00:45Seneper Mitch McConnell said the ruling leaves no doubt that Congress controls trade policy,
00:50and Seneper Rand Paul called it a defense of the republic.
00:53For all things money, visit Benzinga.com.
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