The Supreme Court on Friday struck down a significant portion of the Trump administration's tariffs that the justices found the tariffs were imposed illegally under an emergency economic powers law. The Court issued a 6-3 ruling that held President Donald Trump's use of the International Emergency Economic Powers Act (IEEPA) was illegal as the law "does not authorize the President to impose tariffs. The cases – Learning Resources Inc. v. Trump and Trump v. V.O.S. Selections – were brought by a pair of small ...

U.S. President Donald Trump delivers remarks on tariffs in the Rose Garden at the White House in Washington, D.C., U.S., April 2, 2025.Multiple importers already have pending lawsuits seeking refunds of their tariffs, citing lower-court rulings that found Trump's tariffs are not legal.The $175 billion refund estimate from the Penn-Wharton Budget Model was produced at the request of the Reuters news wire service. The model is a non-partisan fiscal research group at the University of Pennsylvania.The potentia ...

Markets are bracing for a potentially market-moving U.S. Supreme Court ruling this Friday on the legality of President Donald Trump’s sweeping tariffs. With traders warning of chaos and prediction markets heavily skewed toward a loss for Trump, Tom Lee, the veteran Wall Street strategist behind Fundstrat, is floating the opposite idea. Related: Billionaire investor says there’s no real exit from money printing Trump tariffs and Supreme Court decision The legal battle centers on tariffs imposed by Trump ...

Multinational retailer Costco has taken the unusual step of suing the US government to ensure it can recover import duties should the Supreme Court ultimately rule that former President Donald Trump l... ...