Supreme Court Declares Trump’s Tariffs Mostly Illegal

The US Supreme Court ruled 6-3 that most tariffs imposed by Donald Trump during his presidency were illegal. They concluded that the International Emergency Economic Powers Act (IEEPA) does not permit the president to levy tariffs, which are considered taxes. The decision can lead to potential refunds totaling over $175 billion for tariffs collected under IEEPA. This ruling, however, does not affect tariffs on steel, aluminum, and copper, imposed under different authorities. Justices Thomas, Alito, and Kavanaugh dissented, while Trump called the ruling a 'disgrace' and mentioned a backup plan. Businesses and economists anticipate a complex refund process.