Supreme Court Blocks Trump’s IEPA Tariffs, Pushes Congress to Clarify Trade Powers

The Supreme Court ruled that former President Donald Trump could not impose tariffs under the International Emergency Economic Powers Act, and the fallout continues. Jeremy Dalrymple of the R Street Institute says the decision wasn’t shocking, but the delay was. The Court found that IEPA was never intended for tariffs and reinforced that Congress—not the president—controls taxation. Trump has already shifted to other statutes that allow temporary tariffs with guardrails, including a new 10% across-the-board tariff that expires in 150 days unless Congress renews it. Markets now face questions about price adjustments and what happens to money collected under the invalidated tariffs.