Legal & Regulatory Landscape - US Court of Appeals ruled that the bulk of President Trump's tariffs are not legally justified, stating he overstepped his legal authority [1] - The ruling impacts approximately 70% of tariff revenues [4] - The Trump administration is expected to appeal the decision [2] - A lower court, the US Court of for International Trade, had previously ruled against the tariffs [3] Potential Financial Implications - If the case is lost, the government could be ordered to refund hundreds of billions, potentially up to a trillion dollars, in tariffs to companies [6] - This refund process would create a logistical and financial nightmare for the government [6] Industry Outlook - Most US businesses recognize that the ruling does not bring immediate change [7] - Uncertainty for businesses is expected to persist even if the tariffs are struck down, as the administration may use another tariff authority [7]