Yasmeen Khan

The court's majority opinion said that the power to tax and impose tariffs belonged to Congress.

Chief Justice John Roberts went further, adding that the framers did not give any part of the taxing power to the executive branch.

Trump has a plan B, which relies on a different, untested argument based around a part of the 1974 Trade Act.

Courtney Brown is a senior economics reporter at Axios and explained it to us.

That probably means more legal challenges.

But it might not matter as these tariffs lapse after 150 days without congressional approval.

As businesses try to make sense of how this new tariff affects them, many will be wanting a refund on what they've already paid.

Around $140 billion has been generated by the tariffs, according to one estimate, and it'll now be up to lower courts to decide what the administration's obligations are.

A forecast from researchers at Yale suggested the tariff rate would only be about 2% lower than what it was before the Supreme Court ruling, thanks to Trump's retaliatory announcement.

U.S.

Trade Representative Jameson Greer told ABC that Trump remained convinced by the value of tariffs, even as polls suggest public disapproval.

Brown, from Axios, told us that not much is likely to change for businesses working with countries that Trump has signed recent trade deals with, provided both sides honor the agreement.

But it could still create uncertainty for those yet to be finalized.

Officials for both the European Union and India are considering postponing ratification with the U.S.

until the White House offers more clarification on its policy.

Some analysts predict that, as before, the cost of these tariffs will be absorbed largely by U.S.

consumers or businesses.

But as Brown said, the new tariffs are less flexible, and Trump has lost a key lever he's enthusiastically pulled as he sought the upper hand in geopolitical negotiations.

After the Supreme Court's ruling, Trump appears to have lost that power.

Mexican authorities killed the country's most notorious drug boss yesterday in an extraordinary military raid.