'1929 all over again, great depression': Trump warns courts - is US tariff war about to hit legal wall?

US President Donald Trump on Friday issued a warning to American courts, cautioning them against undermining the International Emergency Economic Powers Act (IEEPA) - a Cold War-era law that he has invoked to justify imposing tariffs on several countries, including a 50% tariff on India.In a post on his social media platform Truth Social, Trump wrote, “It would be 1929 all over again, a GREAT DEPRESSION!” - referring to the potential consequences if the courts were to invalidate the act.

Trump has repeatedly invoked the IEEPA to implement trade restrictions, citing national security concerns. The law grants the president broad authority to regulate international commerce during declared emergencies.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 underway.