Alex Ossola

edition of What's News, the top headlines and business stories that move the world today.

The U.S.

Supreme Court ruled today that President Trump's tariffs are illegal.

In its 6-3 decision, the justices found that the president went too far in enacting his most sweeping tariffs without clear authorization from Congress, the first time the Supreme Court has definitively struck down one of Trump's second-term policies.

For more on the implications of the ruling, I'm joined now by WSJ economic policy reporter Gavin Bade.

Gavin, the case involved two categories of tariffs, one that Trump imposed on pretty much every country in the world, ostensibly to repair trade deficits, and the other on Mexico, Canada and China connected to fentanyl.

Are there tariffs that aren't affected by this ruling?

Did the ruling say what happens to the tariffs that companies have already paid?

Speaking of that press conference, another thing that came out of it was that President Trump announced new tariffs, including a 10 percent global tariff with a different legal basis.

Do we at this point expect those to stand?

How does this really affect how companies will operate in this tariff environment?

Right.

And trade specialists have said that U.S.

businesses are still paying tariffs despite the ruling and the changes because it'll take a little time to sort everything out.

That was WSJ reporter Gavin Bade.

Thanks, Gavin.

It's been a volatile day for U.S.

markets.

Major stock indexes initially climbed after the Supreme Court decision was announced, fell ahead of Trump's press conference, then recovered ground after he announced plans for new trade duties.

In the end, stocks finished the day near session highs.