The Trade Expansion Act of 1962 as amended by the Trade Act of 1974 states that if the secretary of the treasury finds that an “article is being imported into the United States in such quantities or under such circumstances as to threaten to impair the national security,” the president is authorized to “take such action . . . as he deems necessary to adjust the imports of the article . . . so that [it] will not threaten to impair the national security.” Does this grant of power by Congress allow the president to establish quotas? If importation of foreign oil is deemed “a threat to national security,” can the president implement a $3–$4-per-barrel license fee? See Federal Energy Administration v. Algonquin SNG, Inc., 426 U.S. 548 (1976).

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