Tyler Kendall

Dave Townsend, he's a partner with Dorsey and Whitney.

Give us his thoughts on the legal side of this case.

And of course, June Grasso, legal analyst for Bloomberg, joining us as well.

So it appears that the court in a 6-3 decision struck down President Trump's tariffs, those broad based ones that have to do with IEPA, the International Emergency Economic Powers Act.

President put forward IEPA tariffs on two accounts.

One was those fentanyl related tariffs related to Canada, Mexico, and in part on China.

and then the other were the more broad-based ones, where he cited persistent trade imbalances.

Now, we're still going through this.

Case is coming in in real time right now to figure out the two questions that were in front of the court.

One was, does President Trump actually have the authority to invoke IEPA to impose tariffs?

Because this has never been done before.

This is typically a federal authority that is used to invoke sanctions.

So the question here is whether or not he circumvented

congress the other question was about whether or not he actually invoked a eatbook correctly if he's able to by declaring these national emergencies did those national emergencies related to fentanyl related to uh these trade imbalances reach a legal standard of what is known as an unusual and extraordinary threat that the president would have this authority to impose a tariff a import uh

A regulation of commerce in this way to achieve his objections, his objectives.

We're still reading through this, but it appears that we have one at least dissenting opinion was from Kavanaugh, of course, a justice, Brett Kavanaugh.

Kavanaugh, who was appointed under nominated under President Trump, who says, quote, The court says nothing today about whether and if so, how the government should go about returning the billions of dollars that it has collected from importers.

But that process is likely to be a mess, as was acknowledged at oral argument.

So that's going to be the entire next phase of this.

Well, if you want to hear a pretty startling statistic, IEPA tariffs have been collected for more than $301,000.