Summary
The U.S. Supreme Court ruled against President Donald Trump's global tariffs, stating he exceeded his authority. The ruling does not clarify how the government will refund the estimated $175 billion collected. The case goes back to the Court of International Trade to manage the refund process.
Key Facts
- The Supreme Court decided that President Trump overstepped his power with global tariffs.
- The decision doesn't explain how or when the government will refund the $175 billion collected.
- The refund process will be managed by the Court of International Trade.
- More than 1,000 importers have already filed lawsuits seeking refunds, and more are expected.
- Small businesses might face challenges in getting refunds due to costs and complex procedures.
- Trump plans to impose a new 10% global tariff for 150 days using a different law.
- The tariffs could affect steel, aluminum, cars, copper, lumber, and kitchen cabinets.
- President Trump is expected to visit China for trade discussions next month.
