Categories: loan

The Supreme Court struck down Trump’s authority to impose the most sweeping tariffs

The Supreme Court rattled the US business landscape on Friday when it struck down the heart of President Trump’s second-term tariff program, ruling 6-3 that his sweeping blanket tariffs are illegal.

The decision came more than a year into Trump’s second term and followed skeptical questions from the chief justice during oral arguments last November and appeared set to immediately halt a large portion of Trump’s tariffs. Those tariffs were first announced on “Emancipation Day” last year using a law called the International Emergency Economic Powers Act (IEEPA) of 1977.

“The IEEPA does not give the President authority to impose fees,” read the ruling written by Chief Justice John Roberts.

The decision also raised the question of refunds, which could set back an estimated $129 billion to importers in the coming months. That backs up two lower courts — including the U.S. Court of International Trade — that previously found Trump did not have the authority to impose a global tax using a 1977 law.

The decision is likely to have far-reaching effects, affecting global trade, consumers, companies, inflation and every American’s pocketbook. In recent weeks, Trump has floated plans to roll back some tariffs on metals, including steel and aluminum goods, as he and his administration seek to combat an affordability crisis ahead of midterm elections.

Read more: What Trump promised with his ‘Liberation Day’ tariffs – and did he deliver

Live 136 updates

  • The US Supreme Court has struck down Trump’s tax hike

    The U.S. Supreme Court on Friday changed the U.S. trade agenda, ruling blanket tariffs illegal and striking down President Trump’s most sweeping tariffs.

    In a 6-3 decision, the court ruled that the 1977 International Emergency Powers Act (IEEPA) does not give Trump the power to impose taxes without congressional approval.

    The decision means much of the administration’s current tariff agenda will be put on hold, particularly those tariffs that were first announced in April of last year, known as Trump’s “Liberation Day” tariffs.

    Today, Penn-Wharton economists said more than $175 billion in tariff revenue could be required to be returned if the Supreme Court rules against Trump’s tariffs.

  • US tariff revenue tops $175 billion at risk in SCOTUS ruling: Penn-Wharton

    Reuters reports:

    Read more here.

  • Trump met with the CEO of Novartis, saying the drugmaker has built 11 plants in the US

    Novartis ( NVS ) CEO Vas Narasimhan met with President Trump at the White House on Wednesday, where the president said the company plans to build 11 plants in the US.

    Trump imposed a 39 percent tax on Switzerland last year, but agreed to cut the tax to 15 percent in November. Last month, Novartis said it expected to be shielded from tariffs under some deals with the US and strong domestic production.

    Reuters reports:

    Read more here.

  • Indonesia secured a 19% tariff deal with the US, exempting palm oil and other commodities

    Reuters reports:

    Read more here.

  • The Trump administration has condemned a New York Fed study that says US consumers will bear the cost of the tariffs

    The Trump administration is pushing back on claims by the New York Federal Reserve that American consumers and businesses are suffering higher costs because of President Trump’s tariffs.

    “The letter is an embarrassment,” National Economic Council Director Kevin Hassett told CNBC on Wednesday. “I think it’s the worst paper I’ve ever seen in the history of the Federal Reserve System.

    However, JPMorgan Chase Institute data released Thursday also found that the fees that mid-sized U.S. businesses will have to pay will triple by 2025.

    Yahoo Finance’s Jennifer Schoenberger reports on the latest news on Trump’s tariffs:

    Read more here.

  • Indonesian and US firms sign trade, investment deals worth more than $7 billion

    Reuters reports:

    Read more here.

  • Vietnamese Airlines has signed a $30 billion deal for 90 Boeing jets

    Reuters reports:

    Read more here.

  • US energy chief downplays interest in Greenland’s rare earths

    Bloomberg News reports:

    Read more here.

  • In the Trump deal, a gas and mineral deal worth $36 billion has been signed between Japan and the US

    Japan plans to invest up to $36 billion in U.S. oil, gas and critical mineral projects, part of Tokyo’s $550 billion commitment under a trade deal it struck with President Trump last year.

    “Our giant trade deal with Japan has just begun!” Trump posted on social media on Tuesday. “The scale of these projects is very large, and cannot be done without a very specific word, tariff.”

    Japanese Prime Minister Sane Takaichi said the projects would help build a more resilient supply chain through partnerships in areas critical to economic security.

    Bloomberg News reports:

    Read more here.

  • Italian exports to the US to grow 7% in 2025 despite Trump’s tariffs

    Reuters reports:

    Read more here.

  • Due to fear of tariffs, copper prices have fallen as stockpiles have increased

    Bloomberg News reports:

    Read more here.

  • Bessant says any contraction of US metal tariffs until Trump

  • The Supreme Court has extended the date for the decision on tariffs to next Friday

    The Supreme Court has added next Friday, February 20, as a decision day, the first time in weeks it could issue a ruling on a closely watched case involving President Trump’s tariffs.

    Next Friday is listed as a non-argument session and conference day on the High Court calendar.

    The high court heard arguments in the tariff case on an expedited basis in November, and both liberal- and conservative-leaning justices asked skeptical questions about Trump’s authority to impose tariffs.

    The duties at issue are Trump’s “Liberation Day” tariffs, in which the president slapped tariffs ranging from 10% to 50% on imports from nearly all of America’s trading partners. The Trump administration has said a Supreme Court defeat would prompt it to enforce the duties through other legal means — though Trump himself has said those processes would be more burdensome and has urged the court to uphold the tariffs.

  • The US and Taiwan have finalized an agreement to cut tariffs and increase purchases of US goods

    Reuters reports:

    Read more here.

  • Trump plays a risky game on tariffs as he unveils metal tariffs to bolster approvals

    On Wednesday night, President Trump pressed House Republicans to support his tariffs, even as the rising cost of living upsets many voters.

    While six Republicans voted against the current tariffs on Canadian goods, 210 others remained loyal to Trump. But experts say that could hurt them in the upcoming midterm elections, as many voters worry about rising prices.

    Financial Times reports:

    Read more here.

  • A New York Fed report says Americans have paid nearly all of Trump’s fees

    A report from the Federal Reserve Bank of New York argues that Americans are paying for almost all of the additional costs from President Donald Trump’s tariffs.

    Reuters reports:

    Read more from Reuters.

  • The US-China trade truce leads to a halt to technical sanctions

    Reuters reports:

    Read more here.

  • Mercedes-Benz hit with $1.7 billion tariff bill

    FT report:

    Read more here.

  • 6 Republicans cross party lines to offer rare condemnation of Trump’s tariffs on Canada

    President Trump’s tariffs faced criticism on Wednesday when the US House of Representatives voted to pass a resolution to repeal the national emergency measures Trump used to impose tariffs on Canada. Six Republicans voted with Democrats to repeal Trump’s tariffs against America’s neighbors.

    Ben Verskull, Washington correspondent for Yahoo Finance, explains the results of yesterday’s vote in the US House of Representatives and what it means for Trump’s tariffs:

    Read more here.

  • US, Japan to fund zero $550B in energy and chips

    The US and Japan are close to completing the first of three projects that Tokyo agreed to fund as part of a $550 billion investment and tariff deal in the US.

    Bloomberg reports that the three projects include SoftBank Group Corp ( 9984.T ), a deep-sea oil terminal in the Gulf of Mexico, and semiconductors.

    According to the report, SoftBank did not immediately respond to a request for comment.

    Bloomberg News reports:

    Read more here.

admin

Leave a Comment
Share
Published by
admin
Tags: Chief Justice John RobertsPresident TrumpSupreme Courttariff
3 hours ago

Recent Posts

‘Are you Haitian?’—then things got worse

In a scene that feels ripped from a procedural drama, US Immigration and Customs Enforcement…

46 minutes ago

Scientists extracted DNA from mummified leopard remains and made a surprising discovery

When scientists from Saudi Arabia's National Wildlife Center were surveying caves for wildlife in 2022…

2 hours ago

Sports reporter Wes Rucker, who covered Tennessee athletics, has died at the age of 43

Wes Rucker, a longtime sports reporter who covered University of Tennessee athletics, died Feb. 19…

5 hours ago

Best savings accounts when inflation is low

UK households are often looking for ways to shore up their money during the cost…

6 hours ago

Virginia judge blocks Democrats’ referendum, hits redistricting effort in 4 US House seats

RICHMOND, Va. (AP) — A Virginia court on Thursday effectively blocked Democrats' planned April voter…

7 hours ago

Israeli settlers killed a 19-year-old Palestinian American, officials and witnesses said

MUKHAMS, West Bank (AP) — Israeli settlers in the occupied West Bank shot and killed…

8 hours ago