Neal Freiman

Travel is, unsurprisingly, not happening.

Most mass transit is shut down in the tri-state area, while over 4,200 flights have already been canceled, including Toby's back from the Midwest, where he is now, aren't you, Toby?

Okay.

The Supreme Court has struck down the majority of President Trump's tariffs.

But what happens next is more confusing than when your brother tries to teach you a new board game.

On Friday, in a 6-3 landmark decision, the Supreme Court justices ruled that Trump exceeded his authority by issuing sweeping global reciprocal tariffs under the International Emergency Economic Powers Act, which does not contain the word tariff.

Writing for the majority, Chief Justice John Roberts said...

In light of the breadth, history and constitutional context of that asserted authority, he, the president, must identify clear congressional authorization to exercise it.

Roberts wrote the IEPA law falls short.

It is a seismic rebuke of Trump's signature economic policy, one that he aimed to use to boost American manufacturing, raise money for the government and wield as a geopolitical tool.

And he was not happy when the ruling came down.

Trump called some of the justices, frankly, a disgrace to our nation and vowed to continue his tariffs by invoking other laws.

He did just that hours after the decision, first announcing a 10 percent across the board tariff under a different rule, then on Saturday jacking it up to 15 percent.

As companies and world leaders figure out what this new tariff means for them, there is the $170 billion question of refunds.

The U.S.

government had collected $170 billion from the tariffs that were just declared illegal, but the Supreme Court instructed a lower court to figure out if, when, and how any refunds will be delivered to importers that had paid the tariffs.

As Justice Brett Kavanaugh wrote, that process is likely to be a mess.

Yeah, you said culmination.

I don't know if that's true at all, because Section 122, yes, you can impose up to 50 percent tariffs for 150 days.

But that is probably going to face some court challenges as well, because that is on some legal grounds.