Trump Tariffs Panned by Bernanke, Yellen at Supreme Court (1)

A slate of economists from across the political spectrum, including former Federal Reserve Chairs Ben Bernanke and Janet Yellen, urged the US Supreme Court to overturn most of President Donald Trump’s tariffs, saying they’re based on misconceptions about the global economy.

“This is Economics 101, but the implications are profound,” a group of nearly 50 economists wrote in a brief filed Friday.

Trade deficits between the US and other nations are expected and not the “unusual and extraordinary” threat the Trump administration cited in imposing sweeping tariffs under an emergency law, the group said. Besides, the tariffs won’t ...