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Economic implications of the Supreme Court’s tariff ruling
The Supreme Court overturned the Trump administration’s signature economic policy on Friday, ruling by a 6-3 majority that the imposition of tariffs under the International Emergency Economic Powers Act was illegal. The trade taxes included a minimum tariff of 10% with reciprocal tariffs ranging from 10% to 41% on countries that did not reach trade deals with Washington. Presumably these tariffs will need to be partially rolled back if the ruling is followed. But the administration is looking to use other measures to preserve those trade taxes. President Trump, calling the ruling a “disgrace,” struck a defiant ... (full story)
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