Supreme Court Strikes Down Trump's Emergency Tariffs; Refunds Uncertain

In Brief

The Supreme Court overturned Trump's emergency tariffs, leaving refund questions and prompting global reactions.

Key Facts

• The Supreme Court struck down President Trump's emergency tariffs in a 6-3 decision on Friday.
• The ruling found that the 1977 act did not grant the president authority to impose the tariffs.
• President Trump called the ruling 'deeply disappointing' and said he would pursue tariffs using other laws.
• Experts say it could take years for businesses to receive refunds for tariffs already paid.
• The court's decision leaves $133 billion in collected tariffs' fate unresolved.

What Happened

On Friday, the Supreme Court ruled 6-3 to overturn President Trump's emergency tariffs, stating the 1977 act did not authorize such measures. Trump criticized the ruling and indicated plans to use other legal avenues to impose tariffs.

Why It Matters

The ruling affects U.S. businesses and consumers, as nearly 90% of the tariffs' burden fell on them. International partners, including the UK and EU, are assessing the impact. The fate of $133 billion in collected tariffs remains uncertain, with potential refunds expected to take years. The outcome for tariff refunds is unresolved, and the timeline for potential reimbursements is unclear.