Dan Schwartzman

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Following the Supreme Court's decision to strike down some of President Donald Trump's global tariffs, European Union lawmakers will hold an emergency meeting to reassess the bloc's trade deal with the U.S.

The European Parliament's Trade Committee had been expected to vote to move forward with the ratification process of the agreement, but the court's ruling has cast doubt on the timeline and the entire accord.

The trade pact would have erased tariffs on most American goods and set a 15 percent tariff on EU products.

The reaction from Europe comes after a 6-3 ruling where the Supreme Court said Trump exceeded his authority by invoking a federal emergency powers law to impose his, quote, reciprocal tariffs across the globe as well as targeted import taxes the administration says address fentanyl trafficking.

President Trump had choice words for the justices that voted against the tariffs.

That's President Trump.

The White House has said it will quickly replace the levies using other legal tools.

The ruling leaves $170 billion or so in already collected tariffs in limbo with the possibility the government would have to pay back the money.

Bloomberg's Brendan Murray says companies may have a difficult road ahead following this decision.

That's Bloomberg's Brendan Murray.