炸锅！特朗普，输了！

Core Viewpoint - The U.S. Supreme Court has overturned Trump's large-scale global tariff policy, marking a significant legal defeat for him since returning to the political arena [2][3]. Group 1: Court Ruling - The Supreme Court ruled 6-3 that Trump's global tariff policy was illegal [2]. - The court stated that Trump's use of the Federal Emergency Powers Act to impose "reciprocal" tariffs and targeted import taxes aimed at combating fentanyl smuggling exceeded presidential authority [3]. Group 2: Refund Issues - The court did not clarify whether importers are entitled to refunds, leaving this complex legal issue to lower courts [4]. - If refund requests are fully approved, the total amount could reach $170 billion, which exceeds half of the total revenue generated from Trump's tariffs [4]. Group 3: White House Response - The White House indicated it would quickly utilize other legal tools to replace these tariffs, although these alternatives are generally more cumbersome and limited in scope compared to the broad powers claimed under the International Emergency Economic Powers Act (IEEPA) [5]. Group 4: Market Impact - The news has led to significant volatility in global assets [6].