Summary
The Supreme Court ruled that several tariffs put in place by President Donald Trump were illegal. This decision limits the President's power to impose tariffs without Congress. Businesses might get refunds for the tariffs they paid, but the process is uncertain.
Key Facts
- The Supreme Court ruled 6-3 against many of President Trump's tariffs.
- The court's decision stated these tariffs were imposed without needed congressional approval.
- The ruling involved the International Emergency Economic Powers Act, which the administration used to set these tariffs.
- There's a possibility that businesses could receive refunds for the tariffs they've already paid.
- The court did not provide guidance on how refunds should be handled.
- The decision affects trade deals and global business relations established by these tariffs.
- Stock markets and precious metals showed a modest increase following the ruling.
- President Trump may use other trade powers to replace the tariffs affected by this ruling.
