Core Viewpoint - The U.S. Court of Appeals ruled that most global tariffs imposed by the Trump administration are illegal, with a decision expected to impact U.S. trade policy and foreign trade enterprises significantly [3][4][10]. Group 1: Legal Proceedings and Implications - The U.S. Court of Appeals made a 7-4 ruling against the Trump administration regarding the legality of tariffs, allowing time until October 14 for the administration to appeal to the Supreme Court [3][4]. - The case, initiated by V.O.S. Selections, Inc., questions the authority of the President to impose tariffs under the International Emergency Economic Powers Act (IEEPA) [7][10]. - The court emphasized that the power to levy tariffs is constitutionally granted to Congress, not the President, indicating that the tariffs imposed by Trump were unlawful [10][11]. Group 2: Financial Impact and Future Projections - If the Supreme Court upholds the ruling, over $100 billion in tariffs could potentially be refunded to businesses [4][20]. - The U.S. Treasury reported that tariff revenues have reached $142 billion for the current fiscal year, highlighting the financial stakes involved [17]. - Experts predict that even if the Supreme Court rules against the Trump administration, the government may continue to impose tariffs under other domestic laws, albeit with limitations [20][21]. Group 3: Industry Reactions - The ruling is seen as a protective measure for U.S. businesses and consumers against the uncertainties and damages caused by illegal tariffs [14]. - Small companies have been disproportionately affected by the tariffs, facing significant financial burdens compared to larger corporations [21].