 |
|
|
|||||
Three lower courts have ruled illegal President Donald Trump’s use of emergency powers to impose worldwide tariffs. Now the Supreme Court, with three justices Trump appointed and generally favorable to muscular presidential power, will have the final word. In roughly two dozen emergency appeals, the justices have largely gone along with Trump in temporarily allowing parts of his aggressive second-term agenda to take effect while lawsuits play out. But the case being argued Wednesday is the first in which the court will render a final decision on a Trump policy. The stakes are enormous, both politically and financially. The Republican president has made tariffs a central piece of his economic and foreign policy and has said it would be a disaster if the Supreme Court rules against him. Here are some things to know about the tariffs arguments at the Supreme Court: Tariffs are taxes on imports They are paid by companies that import finished products or parts, and the added cost can be passed on to consumers. Through September, the government has reported collecting $195 billion in revenue generated from the tariffs. The Constitution gives Congress the power to impose tariffs, but Trump has claimed extraordinary power to act without congressional approval by declaring national emergencies under the 1977 International Emergency Economic Powers Act. In February, he invoked the law to impose tariffs on Canada, Mexico and China, saying that the illegal flow of immigrants and drugs across the U.S. border amounted to a national emergency and that the three countries needed to do more to stop it. In April, he imposed worldwide tariffs after declaring the United States longstanding trade deficits a national emergency. Libertarian-backed businesses and states challenged the tariffs in federal court Challengers to Trump’s actions won rulings from a specialized trade court, a district judge in Washington and a business-focused appeals court, also in the nation’s capital. Those courts found that Trump could not justify tariffs under the emergency powers law, which doesn’t mention them. But they left the tariffs in place in the meantime. The appeals court relied on major questions, a legal doctrine devised by the Supreme Court that requires Congress to speak clearly on issues of vast economic and political significance. The major questions doctrine doomed several Biden policies Conservative majorities struck down three of then-President Joe Biden’s initiatives related to the coronavirus pandemic. The court ended the Democrat’s pause on evictions, blocked a vaccine mandate for large businesses and prevented student loan forgiveness that would have totaled $500 billion over 10 years. In comparison, the stakes in the tariff case are much higher. The taxes are estimated to generate $3 trillion over 10 years. The challengers in the tariffs case have cited writings by the three Trump appointees, Justices Amy Coney Barrett, Neil Gorsuch and Brett Kavanaugh, in calling on the court to apply similar limitations on a signal Trump policy. Barrett described a babysitter taking children on roller coasters and spending a night in a hotel based on a parent’s encouragement to make sure the kids have fun. In the normal course, permission to spend money on fun authorizes a babysitter to take children to the local ice cream parlor or movie theater, not on a multiday excursion to an out-of-town amusement park, Barrett wrote in the student loans case. “If a parent were willing to greenlight a trip that big, we would expect much more clarity than a general instruction to make sure the kids have fun. Kavanaugh, though, has suggested the court should not apply the same limiting standard to foreign policy and national security issues. A dissenting appellate judge also wrote that Congress purposely gave presidents more latitude to act through the emergency powers law. Some of the businesses that sued also are raising a separate legal argument in an appeal to conservative justices, saying that Congress could not constitutionally delegate its taxing power to the president. The nondelegation principle has not been used in 90 years, since the Supreme Court struck down some New Deal legislation. But Gorsuch authored a dissent in June that would have found the Federal Communications Commissions universal service fee an unconstitutional delegation. Justices Samuel Alito and Clarence Thomas joined the dissent. What happens when Congress, weary of the hard business of legislating and facing strong incentives to pass the buck, cedes its lawmaking power, clearly and unmistakably, to an executive that craves it? Gorsuch wrote. The justices could act more quickly than usual in issuing a decision The court only agreed to hear the case in September, scheduling arguments less than two months later. The quick turnaround, at least by Supreme Court standards, suggests that the court will try to act fast. High-profile cases can take half a year or more to resolve, often because the majority and dissenting opinions go through rounds of revision. But the court can act quickly when deadline pressure dictates. Most recently, the court ruled a week after hearing arguments in the TikTok case, unanimously upholding a law requiring the popular social media app to be banned unless it was sold by its Chinese parent company. Trump has intervened several times to keep the law from taking effect while negotiations continue with China. Mark Sherman, Associated Press
Category:
E-Commerce
Porte Neue is the typeface of effortless sophistication, and that’s why the Fast Company design team chose it for the latest issue
Category:
E-Commerce
TD Bank is getting ready to implement a number of branch closures across more than a dozen states on the East Coast. Those closures come at a time when the bank is increasingly shifting its focus to online banking. Heres what you need to know about TD Banks branch closures, including a list of closing locations. Why is TD Bank closing some of its branches? TD Bank is closing some of its branches as part of a broader plan to reduce or relocate 10% of its retail footprint. “AtInvestor Day last month, TD shared plans to deliver a stronger, more scalable U.S. retail presence through significant store enhancements, tech-forward digital banking capabilities, and personalized, advice-led services,” a spokesperson told Fast Company when reached for comment. “We also regularly evaluate our network to ensure we’re serving our communities where they need us, which at times results in store closures or relocations to nearby neighborhoods.” The bank added that it expects to open new locations in the impacted communities, but it did not offer specifics and said such openings would be subject to approval by regulators. “In the meantime, we’re committed to making these transitions as smooth as possible for clients and customers, serving them at more than 1,000 TD Bank locations or via whatever channel they choose.” How many locations will close? TD Bank is set to close 51 branches and one remote drive-through location by the end of January 2026. The branch closures will affect locations in 13 states and Washington, D.C. The news of the upcoming planned closures comes after the company already closed dozens of branches across 10 states and Washington, D.C., earlier this year, as Fast Company previously reported. At TD Banks investor conference in September, CEO Leo Salom said the bank was reimagining its retail distribution model. “[Increasingly] clients expect greater personalization, and an elevated, more seamless omni-channel experience,” Salom said. “And to that end, we are accelerating investments in digital and mobile capabilities across sales, onboarding and servicing. Salom continued that TD Banks goal was to increase digital acquisition to 50% of total sales, enhance digital adoption to 70%, and drive digital self-serve above 90%. Greater digital banking usage means fewer stores are required. TD Bank is part of Toronto’s TD Bank Group. The company has 2,151 retail locations in North America, according to its Q3 2025 earnings report, including 1,100 branches in the United States. It’s unclear how many jobs will be impacted by the closures. TD Bank says its U.S. retail operations employ almost 29,000 people. Shares of Toronto-Dominion Bank (NYSE: TD) are up more than 51% year to date. Which TD Bank branches are closing? In this latest round of closures, TD Bank is expected to close 51 branches across 12 states and Washington, D.C. A number of local media outlets, including the Philadelphia Business Journal, had reported earlier on the closures, including listing some individual locations. The full list of planned TD Bank branch closures appears below. The bank confirmed the locations with Fast Company. Connecticut 123 East Main Street, Plainville, CT, 06062 826 Wolcott Road, Wolcott, CT, 06716 60 Redding Road, Redding, CT, 06829 Washington, D.C. 2000 K Street, NW, Washington, DC, 20006 Florida 2000 K Street, NW, Washington, D.C., 20006 255 Alhambra Circle, Coral Gables, FL, 33134 1500 NE Miami Gardens Drive, North Miami Beach, FL, 33179 2208 66th Street, St Petersburg, FL, 33710 3125 W New Haven Avenue, Melbourne, FL, 32904 1000 S.E. Highway, Crystal River, FL, 34429 1 US 27 North, 621 East, Lake Placid, FL, 33852 Massachusetts 175 Cabot Street, Beverly, MA, 01915 153 Meadow Street, Chicopee, MA, 01013 1708 Falmouth Road, Centerville, MA, 02632 45 Central Street, Lowell, MA, 01852 99 West Street, Pittsfield, MA, 01201 79 Lynnfield Street, Peabody, MA, 01960 242 Main Street, Wareham, MA 02571 (remote drive thru) Maryland 8661 Colesville Road, Silver Spring, MD, 20910 Maine 32 Goding Avenue, Lincoln Plaza, Lincoln, ME, 04457 835 Main Street, P.O. Box 266, Westbrook, ME, 04092 217 High Street, Ellsworth, ME, 04605 North Carolina 201 Wren Drive, Hendersonville, NC, 28792 New Hampshire 184 Route 101, Bedford, NH, 03110 2561 Main Street, North Conway, NH, 03860 New Jersey 385 White Horse Pike, Atco, NJ, 08004 177 Columbia Turnpike, Florham Park, NJ, 07932 571 East Bay Avenue, Manahawkin, NJ, 08050 232 Richmond Avenue, Point Pleasant, NJ, 08742 418 Belmont Avenue, Haledon, NJ, 07508 230 Forsgate Drive, Jamesburg, NJ, 08831 1100 Lake Street, Ramsey, NJ, 07446 4057 Asbury Avenue, Tinton Falls, NJ, 07753 New York 655 Avenue of the Americas, New York, NY, 10010 391 Jericho Turnpike, Jericho, NY, 11853 1144 Walt Whitman Road, Melville, NY, 11747 620 Route 25A, Mount Sinai, NY, 11766 576 Second Avenue, New York, NY, 10016 14 Main Street, Hudson Falls, NY, 12839 482-484 Bergen Street, Brooklyn, NY, 11217 Pennsylvania 399 Market Street, Philadelphia, PA, 19106 200 Lancaster Avenue, Devon, PA, 19333 9996 Haldeman Avenue, Philadelphia, PA, 19115 1064 Second St. Pike, Richboro, PA, 18954 131 East McDade Boulevard, Folsom, PA, 19033 South Carolina 260 Columbia Avenue, Chapin, SC, 29036 2003 N. Oak Street, Myrtle Beach, SC, 29577 5041 Calhoun Memorial Hwy., Easley, SC, 29640 307 North Main Street, Marion, SC, 29571 Virginia 6566 Little River Turnpike, Alexandria, VA, 22003 6260 Old Dominion Drive, McLean, VA, 22101 Vermont 27 East Allen Street, Winooski, VT, 05404 21 Elm Street, Woodstock, VT, 05091
Category:
E-Commerce
All news |
||||||||||||||||||
|
||||||||||||||||||