Summary
The U.S. Supreme Court stopped President Trump's ability to impose certain global tariffs, which could help businesses like Jenelle Peterson's toy company. Business owners are cautiously hopeful but worried about getting refunds on tariffs they already paid. President Trump may use other laws to continue imposing tariffs.
Key Facts
- The U.S. Supreme Court blocked President Trump's power to impose certain global tariffs.
- Business owner Jenelle Peterson might expand her toy imports due to the decision.
- Businesses are worried about the process to get refunds for tariffs they've already paid.
- President Trump plans to impose a 10% global tariff using a different law.
- The decision affects tariffs imposed under a 1977 law called the International Emergency Economic Powers Act (IEEPA).
- Despite the ruling, the average effective tariff rate remains high at 9.1%.
- Businesses and trade groups welcomed the decision but still have concerns about other potential tariffs.
- The stock market's reaction to the news was small, with only moderate gains.
