<h1>Emergency powers do not authorize tariffs, reducing trade-policy uncertainty and prompting positive market reactions.</h1> The central legal issue is whether the International Emergency Economic Powers Act authorises imposition of sweeping import tariffs; a three-judge panel concluded the statute does not permit use of tariffs as the basis for broad import duties, addressing lawsuits that alleged executive overreach and signalling that such measures exceed the authority Congress delegated, with immediate appeals and consequential effects on trade policy uncertainty.