Former Fed Chairs Bernanke Yellen Urge Supreme Court Overturn Trump Tariffs

Nearly 50 prominent economists, including former Federal Reserve Chairs Ben Bernanke and Janet Yellen, have urged the U.S. Supreme Court to overturn most of President Donald Trump's global tariffs, arguing that these tariffs are based on fundamental misunderstandings of the global economy. The economists emphasized that trade deficits between the U.S. and other countries are normal and not the "unusual and extraordinary" threat cited by the Trump administration to justify tariffs under emergency powers. They further argued that reciprocal tariffs will not resolve trade deficits but instead will have a multi-trillion-dollar negative impact on the economy, affecting every household and state. The economists criticized the legal basis of the tariffs, contending that the International Emergency Economic Powers Act was misapplied. The Supreme Court is scheduled to hear oral arguments on November 5 regarding the legality of Trump's tariff measures. Alongside economists, other groups including former federal judges, military officials, and foreign policy experts have filed briefs supporting the companies challenging the tariffs.