"Catch up quick: The Supreme Court on Friday overturned Trump's global tariffs in a 6-3 ruling, saying that the president lacked the legal authority under the International Emergency Economic Powers Act (IEEPA) to impose them. "The Supreme Court's decision is welcome news for businesses and consumers," Neil Bradley, chief policy officer at the U.S. Chamber of Commerce, said in a statement, calling for "swift refunds of the impermissible tariffs" and a "reset" on tariff policy."
"The impact: Stocks turned positive after the ruling, encouraged by the prospect of lower costs and possible refunds - though the somewhat muted response may indicate that investors had already priced in such an outcome or anticipate replacement tariffs. Prediction market traders had a pro-tariff ruling at only about 25%. "I think there was an underlying expectation that this was going to happen," saysJuan Pellerano-Rendón, a logistics expert at commerce advisory Swap, which has been helping companies navigate tariffs."
The Supreme Court ruled 6-3 that the president lacked authority under the International Emergency Economic Powers Act (IEEPA) to impose global tariffs. Capital Economics estimates that required Treasury refunds could total about $120 billion if refunds are mandated. Business groups urged swift refunds and a recalibration toward targeted tariffs addressing specific unfair trade practices and national security concerns. Stocks rose modestly on the prospect of lower costs and refunds, while prediction markets had low odds for a pro-tariff ruling. Small business and retail groups emphasized limiting unilateral tariff authority and ensuring a seamless refund process for importers.
Read at Axios
Unable to calculate read time
Collection
[
|
...
]