SCOTUS Rules Against Tariffs, Trump Imposes New 10% Tariff, More
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News when you want it with Bloomberg News Now. I'm Dan Schwartzman. Wall Street reacting to the Supreme Court ruling striking down President Trump's tariffs. As the Dow gained a half percent, the S&P 500 ended the session up seven tenths of a percent, with an asset gain nine tenths of one percent. The 10-year Treasury yield is at 4.084, the two years at 3.481. Gold is trading close to $5,100 an ounce, while Bitcoin is above $67,600. President Trump announcing new tariffs after the Supreme Court struck down his sweeping global tariffs.
Today I will sign an order to impose a 10% global tariff under Section 122 over and above our normal tariffs already being charged. And we're also initiating several Section 301 and other investigations to protect our country from unfair trading practices of other countries and companies.
That's President Trump. In a 6-3 ruling, the 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. Trump has some choice words for the justices who voted against the tariffs.
When in fact they're just being fools and lapdogs for the rhinos and the radical left Democrats.
The court, though, did not address the extent to which importers are entitled to refunds, leaving it to a lower court to sort out those issues. If fully allowed, refunds could total as much as $170 billion, which is more than half the total revenue Trump's tariffs have brought in. Treasury Secretary Scott Besson also weighed in on potentially having to refund the collected tariffs.
It's in dispute. Supreme Court did not rule on that today. They pushed it back down to the International Tax and Trade Court. And my sense is that could be dragged out for weeks, months, years.
That's Treasury Secretary Scott Besson speaking at the Economic Club of Dallas. European Union lawmakers are holding 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 is cast out 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. President Trump, speaking to reporters earlier today at the opening of a breakfast with governors at the White House, says he is considering limited strikes on Iran as a way to ramp up pressure on the regime to make a deal to limit its nuclear program.
The U.S. military has built up a massive armada in the Middle East, including two aircraft carriers, hundreds of fighter jets and refueling tankers, along with thousands of troops.
What was the Supreme Court's ruling on Trump's tariffs?
The president has said Iran has 10 to 15 days to strike a deal over its nuclear program. President Trump planning to travel to China from March 31st to April 2nd for a meeting with his counterpart Xi Jinping to navigate a trade relationship and tensions around Taiwan. Narrowing trade deficits is expected to be a focal point of conversations, with the U.S. 's annual shortfall with China shrinking in 2025 to around $202 billion, a 21-year low that's according to Commerce Department data. Trump also expects to welcome Xi to Washington later this year, where Xi expected to attend a meeting of the Group of 20 nations in Florida. The U.S. economy growing less than expected at the end of last year, dragged down by a record-long government shutdown, consumer spending and trade.
According to the government's initial estimate out Friday, inflation-adjusted gross domestic product increased an annualized 1.4 percent in the fourth quarter after rising 4.4 percent in the prior period.
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