TWEA was amended in 1933 by the Emergency Banking Act to extend the president’s authority also in peace time.
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.
[2] However, the U.S. Supreme Court found such legislative vetoes unconstitutional in Immigration and Naturalization Service v. Chadha.
[5] North Korea was removed from the provisions of TWEA in 2008, although restrictions under IEEPA authority remain in effect.
By executive order on October 12, 1917, President Woodrow Wilson created the War Trade Board under Vance McCormick, with the authority to control all US imports and exports.
Initially, the Custodian confiscated the property of interned natives of Germany and of businesses, such as the Bayer chemical company.
In 1933, newly-elected President Franklin D. Roosevelt issued Proclamation 2039, which declared a national emergency and imposed a bank holiday.
The proclamation cited TWEA (obliquely referenced as the "Act of October 6, 1917") as the basis of his authority.
[12] Aware that such action was legally dubious since the United States was not at war, Roosevelt asked Congress to ratify his actions by passing the Emergency Banking Relief Act, which amended TWEA to enable its use during any "period of national emergency declared by the President."
President Franklin D. Roosevelt, using these new authorities, issued Executive Order 6102 to limit gold ownership.
On December 16, 1950, the United States imposed economic sanctions against North Korea under TWEA,[13] which lasted until 2008.
[6] On May 13, 1966, President Lyndon B. Johnson abolished the Office of Alien Property Custodian by Executive Order 11281, effective June 30 of that year.
[14] On August 15, 1971, President Richard M. Nixon issued Proclamation 4074, which declared a national emergency under TWEA and imposed a 10% ad valorem supplemental duty on all dutiable articles imported into the United States.
The United States remained at "war" with the then-nonexistent dissolved country for several years until deciding to ratify peace treaties with Austria and Hungary separately 1921.
No actual combat is known to have taken place between the United States and Austria or Hungary after the empire's dissolution and before the ratification of the peace treaties.
[23] Following the Cuban missile crisis, the Bay of Pigs invasion, and the nationalization of U.S. property by the Castro regime, the United States imposed sanctions on Cuba in 1963.
[18][21] TWEA sanctions continued throughout the Cold War because the US and Cuba often found themselves on opposite sides in various proxy conflicts throughout Latin America and Africa.
[17][18] Sanctions were lifted in 1946 by Executive Order 9788 and the Office of Alien Property created in the Department of Justice.
In 1940 US President Franklin D. Roosevelt sanctioned Japan to punish it for invading China and French Indochina under the Export Control Act.
Because Japan was the reason for the United States entering World War II, and due to the fact many Americans wanted to stay out of European wars during both wartime periods, Japanese assets that the Japanese acquired before 1946 were confiscated and divested.
The war is still officially in effect, with no peace treaty signed, and the sanctions has been kept due to North Korean terrorism, nuclear proliferation, and continued aggression toward the United States.
[25] North Korea's designation was grandfathered from an old version of the law that allowed it to be used absent a declaration of war.
Because there is no declaration of war between the United States and North Korea, TWEA sanctions cannot be reapplied, but it was re-sanctioned for reneging on its commitments through the IEEPA, along with other laws, and through UN Security Council resolutions.
The Ottoman Empire and the United States are not known to have fought each other during the war, except for smaller-scaled naval conflicts and bombardments.
Thus, the United States didn't want to provoke the Ottomans in such a way that would result in them possibly targeting US affiliates, companies, property and citizens living within the lands & areas they controlled in many ways, and prompt unnecessary mutual declarations of war.
The Americans were not going to be directly involved in the Turkish War of Independence which would follow after the signing of Sevrés, nor implement any official sanctions but would support Ententé and Greek forces.
Although not officially, a significant portion of the American Congress would later go on to criticise and proclaim the Lausanne Declaration Treaty that would follow after the independence war as invalid, rejecting it by still supporting the post-European and colonial claims on Turkish lands in the Balkans and the Anatoli.
Thus, the new Republic of Turkey was not affected by any American or Allied sanctions anymore, either shortly after the end of the Independence War and the signing of the Lausanne Treaty or during WWII.
[19] Later it was sanctioned during four brief periods from 1972 to 1976 when other Presidential economic powers lapsed due to not being renewed by Congress during the Cold War.