Trading With The Enemy Act

Summary of Trading With The Enemy Act

An act of Congress, originally enacted in 1917 and amended in 1941, that grants to the president, during times of war or national emergency, the authority to prohibit or regulate trade, investments, remittances, travel, and virtually any economic transactions with any designated country or its nationals, wherever located. President Harry Truman's proclamation of national emergency in 1950, at the outbreak of the Korean War, brought the act into force again. An act of 1976 rescinding the national emergency specifically excluded the Trading with the Enemy Act, hence its provisions continue to remain in force.

(Main Author: William J. Miller)