International Emergency Economic Powers Act

Carol Finnerty: Henry, the President wants to do The Thing.
President Sawyer: Hold on tight!
--White House Down

Dan Mitchell discusses yesterday's presidential tweetstorm that roiled markets once again. In his series of tweets focused on escalating tariff-led trade war with China, President Trump 'ordered' US companies to look for supply chain alternatives outside of China.

"Good luck with that," I muttered when first reading the president's 'order.'

But Dan Mitchell suggests that such an order could be legally valid under the International Emergency Economic Powers Act. Passed by Congress in 1977, the IEEPA delegates extensive power to the president to regulate economic transactions during a state of emergency. It essentially grants the president a blank check to intervene in international economic affairs--a check that presidents have cashed 50+ times since the IEEPA's enactment.

There is question, of course, as to just how far this law extends. But don't doubt that President Trump isn't willing to push the legal limits of the IEEPA. Indeed, he signaled just that late last night:

For all of the Fake News Reporters that don’t have a clue as to what the law is relative to Presidential powers, China, etc., try looking at the Emergency Economic Powers Act of 1977. Case closed!

— Donald J. Trump (@realDonaldTrump) August 24, 2019

These pages have frequently marveled at the willingness of people to cede discretionary power to the executive branch far beyond constitutional intent. When it's you guy in office advancing lawlessness, no problem. You're riding the wave of a friendly ideologue.

But what happens when it's not your guy?