A group of five small businesses filed a lawsuit against President Donald Trump in the U.S. Court of International Trade to block new tariffs imposed on foreign imports. The lawsuit alleges that Trump has overstepped his authority by imposing tariffs under the International Emergency Economic Powers Act, claiming trade deficits as an emergency. The Liberty Justice Center representing the businesses argued that trade deficits do not constitute an emergency and have not caused economic harm in the past. The plaintiffs, including businesses like VOS Selections, FishUSA, Genova Pipe, MicroKits LLC, and Terry Precision Cycling, have been negatively impacted by the tariffs, with some projecting significant financial losses in the coming years. The lawsuit seeks to declare Trump’s actions illegal, enjoin the executive actions imposing tariffs, and uphold the principle of no taxation without representation. The businesses highlighted the detrimental effects of the tariffs on their operations and financial stability. CNBC has requested comment from the White House on the lawsuit.
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