President Trump is using the International Emergency Economic Powers Act (IEEPA), Title II of Pub.L. 95–223, 91 Stat. 1626, enacted October 28, 1977 to force companies out of China.
- The IEEPA was drafted to permit presidential emergency declarations only in response to threats originating outside the United States.
- Past presidents have invoked IEEPA to safeguard U.S. national security interests by freezing or “blocking” assets of belligerent foreign governments, or certain foreign nationals abroad.
How will this affect Crude oil Prices? China’s announcement of new tariffs on another $75 billion of U.S. goods, including oil, brought back Brent crude rally that was above the $60 level and kicked it back down below.