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00:02A new lawsuit filed Tuesday challenges Trump's use of a Depression-era law
00:06to impose 50% tariffs on Canadian imports, according to CNBC.
00:11New Jersey-based food importer Gellert Global Group argues that Section 338 of the Tariff
00:16Act of 1930 was effectively repealed by subsequent legislation. The company also
00:22claims the administration failed to meet the law's requirements when imposing the tariffs in July.
00:26Gellert says the duties will cost it an estimated $40 million annually on Canadian cheese imports.
00:34The lawsuit seeks to block the tariffs and recover duties already paid with interest.
00:39The challenge follows a February Supreme Court ruling that struck down Trump's reciprocal tariffs.
00:44For all things money, visit Benzinga.com.
