Core Points - The average effective tariff rate for American consumers is currently 21.9%, the highest since 1909 [1] - Two educational toy companies in Illinois have filed an emergency petition to the U.S. Supreme Court regarding the constitutionality of tariffs imposed by the Trump administration [1][4] - The case has already seen partial victories in lower courts, but the Trump administration has appealed, and the Supreme Court may intervene directly [1][5] Group 1: Tariff Impact on Businesses - The Trump administration's tariffs are described as a key tool to address long-term trade deficits and create a fair competitive environment for U.S. businesses [7] - The tariffs are projected to increase the tax burden on Americans by $660 billion annually, marking the largest tax increase in modern history [7] - The tariffs are expected to raise consumer prices, contributing to a 2% increase in the Consumer Price Index (CPI) [7] Group 2: Economic Consequences - By 2025, tariffs are anticipated to raise short-term price levels by 2.2%, resulting in an average loss of $3,600 per household [8] - The tariffs are projected to reduce the U.S. GDP growth rate by 0.8 percentage points and shrink the economy by 0.5% in the long term, equating to an annual loss of $160 billion [9] - Retail sales in the U.S. fell by 0.9% in May, marking the largest decline in two years, indicating a downward trend in consumer spending due to tariffs [9]