Jenner & Block filed an amicus brief before the US Court of Appeals for the Federal Circuit on behalf of a distinguished group of economists in V.O.S. Selections, Inc. v. Trump. The brief supports plaintiffs challenging President Trump's use of the International Emergency Economic Powers Act (IEEPA) to impose sweeping "reciprocal tariffs" on global imports.
The brief argues that the President's justification for the tariffs—to address US trade deficits—lacks economic foundation and does not meet the threshold criteria for invoking IEEPA. The economists explain, marshalling substantial evidence, that trade deficits are neither unusual nor extraordinary and pose no threat to national security or the economy. They note that many countries have trade deficits, and that the US has maintained persistent trade deficits for the past 50 years.
The brief also argues that, in keeping with standard economic principles, bilateral trade deficits are "a virtual logical certainty" between countries and that tariffs "do not meaningfully reduce the aggregate trade deficit." Instead, the economists observe that the reciprocal tariffs will have "trillions of dollars' worth of impact on the economy."
The economists—who include a Nobel laureate and former top White House economic advisers—argue that the tariffs’ vast economic impact triggers the “major questions doctrine,” requiring explicit authorization from Congress before the executive branch can make such consequential changes to US trade policy.
