Revisiting Presidential Tariff Powers: From Yoshida to Learning Resources v. Trump

On November 2nd, 2025, President Donald Trump expressed on NBC’s 60 Minutes that “tariffs are incredible because they really give us great national security and great wealth.” The national security part is perhaps arguable, but the family-owned Learning Resources Ltd., as well as countless other American businesses, did not experience great wealth—quite the contrary. After Trump imposed his “Liberation Day” tariffs in April 2025, which involved a “baseline” tariff of 10% on almost all imports into the U.S, over half (57%) of U.S. companies surveyed by KPMG reported declining gross margins as a direct result of these tariffs. Small and mid-sized businesses were hit especially hard because, unlike large firms with abundant inventories, they are more vulnerable to cost shocks and supply chain disruptions. With such daunting economic consequences, how did Trump justify his policies? He imposed his tariffs through the International Emergency Economic Powers Act (IEEPA) of 1977, which grants President authority during times of emergency. In this specific instance, the two emergencies are the U.S. trade deficit and the inflow of fentanyl and opioids, which he called “country-killing emergencies.” However, it is uncertain whether Trump’s tariffs fit the conditions of IEEPA as the recent Supreme Court oral arguments demonstrate.