Trump Tariffs Panned by Bernanke, Yellen at Supreme Court.

The article discusses a group of nearly 50 economists, including former Federal Reserve Chairs Ben Bernanke and Janet Yellen, who have urged the US Supreme Court to overturn most of President Donald Trump's tariffs, arguing they are based on misconceptions about trade deficits. The economists contend that trade deficits are normal and that the tariffs, which were justified under the International Emergency Economic Powers Act (IEEPA), will not resolve these deficits but will instead have significant negative economic impacts. The Supreme Court is set to hear oral arguments on the legality of the tariffs on November 5, with various groups, including former federal officials and the US Chamber of Commerce, also filing briefs against the tariffs, emphasizing that taxation powers should reside with Congress. [Extracted from the article]