Summary
The U.S. Supreme Court declared that President Trump's recent tariffs were unlawful, leading to uncertainty in global trade. Despite the ruling, President Trump imposed a 15% tariff on international trade, using a different law to do so legally.
Key Facts
- The Supreme Court ruled 6-3 that President Trump overstepped by using the International Emergency Economic Powers Act for tariffs.
- The court decision highlighted that only Congress has the power to impose taxes, such as tariffs.
- President Trump used Section 122 of the US Trade Act of 1974 to impose a 15% tariff, the maximum allowed.
- The new tariff affects trade deals that countries like the UK, India, and the EU had previously negotiated.
- Some agricultural and aerospace products will not face the new tariff.
- The tariffs are meant to address large trade deficits, which Trump says exceed $900 billion.
- This is the first time a U.S. president has used this specific law for tariffs.
