(Bloomberg)—President Donald Trump’s trade tariffs have roiled financial markets, prompted an outcry from world leaders and raised the specter of a US recession. The blowback eventually prompted Trump to pause some of the most punishing tariffs for 90 days. With every move, the US president underscores that he is calling the shots, though the US Constitution gives Congress the last word in setting import duties.
Trump invoked a law called the International Emergency Economic Powers Act on April 2 to set a blanket 10% tariff on all imports and, initially, additional duties on almost 60 countries that have the largest trade surpluses with the US. On April 9 he suspended the imposition of the additional tariffs on most countries while raising duties on Chinese imports.
Half a dozen lawsuits have been launched that challenge Trump’s use of the emergency powers act, including…
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