Tidbits, Tariffs Reinstated, Livestock Aid, Estimates, Broilers & Ethanol 5/30/25
- Wright team
- 3 days ago
- 4 min read
Tidbits
A federal appeals court granted a Trump administration request yesterday to reinstate the tariffs struck down by the U.S. Court of International Trade on Wednesday ruling President Trump overstepped his authority when he cited the 1977 International Emergency Economic Powers Act (IEEPA) as justification for levying tariffs. The IEEPA authorizes the President to act when an unusual and extraordinary threat to the United States, originating in whole or substantial part outside the U.S., affects national security, foreign policy, or the economy. The IEEPA became law during President Carter’s presidency to deal with, in part, runaway inflation primarily due to the Arabs restricting crude oil supplies and an incredible easy money monetary policy that led to inflation rate of 13.9% in 1979 and Prime Interest Rate of 21.5% in December 1980.
The ruling means Trump’s tariffs will remain in effect for now as the case will certainly be heard by the Supreme Court, probably in June. Trump administration officials told the court that reinstating the tariffs struck down Wednesday was “critical” for national security.
Yesterday morning, the USDA announced the sale of 104,000 mts of old crop corn to Mexico and 101,096 mts of old corn to unknown. Old crop sales not only reduce the old crop supplies, but also reduces the carry-in for the next crop marketing year.
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