The U.S. Supreme Court ruled 6-3 against President Trump’s global tariffs, declaring his use of the International Emergency Economic Powers Act exceeded his authority. The ruling did not address how to refund the estimated $175 billion collected, with the Court of International Trade set to oversee the refund process amidst over 1,000 lawsuits from importers. Trump plans to impose a new 10% global tariff under Section 122 of the Trade Act of 1974. The decision has raised congressional pressure to clarify the president’s trade authority.
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