Supreme Court Strikes Down Trump Tariffs; Trump Responds With New 10% Levy

The Supreme Court struck down Trump's tariffs by a 6-3 vote, ruling the IEEPA does not authorize the president to levy taxes.

“KEY POINTS: - The Supreme Court could issue opinions on Wednesday, fueling speculation about the ruling on Trump's tariffs”

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The Court held that taxing power is a core power of Congress.

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Trump responded by signing a new decree establishing a global 10% tariff.

The decision was widely seen as a victory for the rule of law.

The Court of International Trade blocked a large portion of Trump's tariffs.

The government secured a stay from the Court of Appeals.

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Analysts warned the tariff saga was fueling economic uncertainty.

The prevailing expectation was that Trump was likely to lose.

Experts warned the tariffs were driving up inflation and had not delivered budget relief.

“A federal appeals court ruled this Friday that President Donald Trump improperly used emergency powers to impose broad tariffs earlier this year”

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Laura von Daniels observed that the greatest damage was political uncertainty.

Trump had increased the budget deficit with his tax reform.

The president insisted tariffs were here to stay.