<h1>President exceeded authority by imposing broad indefinite reciprocal tariffs under the IEEPA, acting as taxation reserved to Congress</h1> A federal appeals court held in a 7-4 decision that the president exceeded executive authority by imposing broad, indefinite 'reciprocal' tariffs under the International Emergency Economic Powers Act, finding such tariffs effectively function as taxes reserved to Congress. The court affirmed an earlier ruling that the tariffs are unlawful but allowed them to remain temporarily in place pending appeal, with collected revenue potentially subject to refund if overturned. The decision excludes certain sector-specific duties and does not resolve other WTO-related tariff disputes. The case raises a major separation-of-powers question likely headed to the Supreme Court and creates ongoing uncertainty for U.S. trading partners and businesses.