The Trading with the Enemy Act (TWEA) of 1917 (40 Stat. 411, codified at 12 U.S.C. § 95 and 50 U.S.C. § 4301 et seq.) is a United States federal law, enacted on October 6, 1917, that gives the President the power to oversee or restrict any and all trade between the United States and its enemies in times of war but was expanded to be usable in times of peace via congressional amendment. It was amended again alongside the passage of the International Emergency Economic Powers Act (IEEPA) to be applicable only in times of war, while the IEEPA was intended to be used in times of peace.[1][2]
TWEA is sometimes confused with the IEEPA, which grants somewhat broader powers to the President, and which is invoked during states of emergency when the United States is not at war. The IEEPA was passed in an attempt to rein in perceived abuses by the US President of the TWEA by making the powers subject to the National Emergencies Act (NEA). The NEA included a legislative veto to allow Congress to terminate a national emergency with a concurrent resolution.[3] However, the U.S. Supreme Court found such legislative vetoes unconstitutional in Immigration and Naturalization Service v. Chadha. Following the Court’s decision, Congress amended the NEA to require a joint resolution.[4]
As of 2018, Cuba is the only country restricted under the Act. North Korea was removed from the provisions of the Act in 2008, although restrictions under IEEPA authority remain in effect.[5][6]
https://en.wikipedia.org/wiki/Trading_with_the_Enemy_Act_of_1917