Supreme Court strikes down Trump’s global tariff measures
The Supreme Court has delivered a significant setback to the Trump administration, ruling that the president’s sweeping global tariffs were unlawful.
In a 6–3 decision, the Court found that the International Emergency Economic Powers Act (IEEPA) — a 1977 law granting the president authority to regulate certain international transactions during a national emergency — does not extend to the imposition of broad-based tariffs.
Justices Clarence Thomas, Samuel Alito and Brett Kavanaugh dissented from the majority opinion.
Equities moved higher after the Supreme Court rejected Donald Trump’s proposed global tariffs, a decision welcomed by investors.
The Dow Jones Industrial Average rose 0.3%, or 138 points, to 49,533, reversing earlier losses that had followed a softer start to trading. The S&P 500, which had opened flat, advanced 0.32%.
In London, stocks also strengthened, with the FTSE 100 gaining 75 points, or 0.7%, to 10,700 — close to its recent record high of 10,715 reached earlier in the week.
Meanwhile, US bond prices edged lower, nudging Treasury yields modestly higher, as markets assessed the potential implications for companies that have already paid tariffs and whether refunds might now be forthcoming.
