Supreme Court Strikes Down Trump's Global Tariffs; President Signs New 10-15% Tariff Order Under Trade Act

On Friday, February 20, the US Supreme Court issued a landmark 6-3 decision striking down President Trump's sweeping global tariffs imposed under the International Emergency Economic Powers Act, ruling that the 1977 law does not authorize such measures as they amount to taxation reserved for Congress. Chief Justice John Roberts wrote the majority opinion, affirming a lower court's finding of no textual basis for tariffs under the act, which had collected an estimated $175 billion from importers since last year. The ruling remanded the case for potential refunds, though the Court left remedies open, sparking uncertainty and likely further litigation. Trump swiftly reacted, calling the decision a disgrace and criticizing justices, including some he appointed. He signed an executive order for a new 10% global tariff under Section 122 of the Trade Act of 1974, effective February 24, exempting pharmaceuticals and USMCA goods, with some trade partners capped at 10%. By Saturday, he raised it to 15%, the maximum allowed for 150 days without congressional approval. This workaround has drawn bipartisan criticism and confusion among allies like the EU, Japan, and Canada, with British Liberal Democrat leader Sir Ed Davey urging a lawsuit against Trump for economic damages. The decision marks the first major test of Trump's economic agenda before a Court he helped shape with three appointees, though dissenters Kavanaugh, Thomas, and Alito argued for broader presidential emergency powers. Importers eye refunds, but the administration may resist, potentially returning the issue to the Supreme Court. No other major SCOTUS rulings or events have emerged in the last three days. Thank you for tuning in, listeners—please subscribe for more updates. This has been a Quiet Please production, for more check out quietplease.ai. For more http://www.quietplease.ai Get the best deals https://amzn.to/3ODvOta This content was created in partnership and with the help of Artificial Intelligence AI.