Core Points - The U.S. Court of Appeals ruled that most global tariffs imposed by the Trump administration are illegal, potentially leading to the refund of over $100 billion in tariffs [1][2] - The ruling is a significant setback for the Trump administration, which may appeal to the Supreme Court [1][10] - The case centers on the authority to impose tariffs, questioning whether the president has the power under the International Emergency Economic Powers Act (IEEPA) [5][8] Group 1: Legal Proceedings - The U.S. Court of Appeals made a 7-4 decision against the Trump administration, agreeing to delay the ruling's implementation until October 14 to allow for a Supreme Court appeal [1][10] - The case was initiated by a coalition of small businesses and Democratic-led states, challenging the legality of the tariffs [5] - The Appeals Court affirmed that the power to levy tariffs is constitutionally granted to Congress, not the president [7][8] Group 2: Economic Implications - If the Supreme Court upholds the Appeals Court ruling, it could lead to the return of over $100 billion in tariffs collected [2][12] - The cancellation of these tariffs is viewed as potentially disastrous for the U.S. economy, according to Trump and his administration [12][16] - The current tariff revenue for the fiscal year has reached $142 billion, indicating the financial impact of these tariffs on government income [14] Group 3: Industry Impact - Small businesses are particularly affected by the tariffs, as they face significant financial burdens compared to larger corporations [17] - The ruling may create uncertainty for U.S. businesses and consumers, as highlighted by legal representatives involved in the case [10] - The potential for refunds and changes in tariff policy could reshape the landscape for international trade and U.S. economic strategy [1][16]