US President Donald Trump on Friday issued a warning to American courts, urging them not to undermine the International Emergency Economic Powers Act (IEEPA) – a Cold War-era law he has invoked to justify imposing tariffs on several countries, including a 50 per cent tariff on India.In a post on Truth Social, Trump claimed tariffs were driving unprecedented economic gains.“Tariffs are having a huge positive impact on the Stock Market. Almost every day, new records are set. In addition, hundreds of billions of dollars are pouring into our country’s coffers,” he wrote.He cautioned that a late ruling against his use of the IEEPA by what he termed a “Radical Left Court” would devastate the economy.“It would be 1929 all over again, a GREAT DEPRESSION!” he warned, adding that such a decision should have been made “LONG AGO, at the beginning of the case” to avoid jeopardising the nation’s economic momentum.Trump argued there would be “no way America could recover from such a judicial tragedy,” but expressed confidence in the US court system. He concluded by saying the country “deserves SUCCESS AND GREATNESS, NOT TURMOIL, FAILURE, AND DISGRACE.”
The IEEPA, enacted during the Cold War, grants the president broad authority to regulate international commerce during a declared national emergency. Trump has repeatedly invoked the IEEPA to implement trade restrictions, citing national security concerns. His comments come amid mounting legal scrutiny over the extent of presidential powers under the IEEPA. Several legal experts and critics argue that its use in trade policy goes beyond its original intent, and some court challenges are currently under way.The Great Depression, which began in 1929 after the US stock market crash, was one of the most severe economic downturns in modern history. It led to widespread bank failures, mass unemployment, and sharp declines in industrial output and global trade, with long-lasting impacts on the US and global economy.