SCOTUS Strikes Down Trump Tariffs, Trump Warns Iran, More
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News when you want it with Bloomberg News Now. I'm Dan Schwartzman. In a massive defeat to President Trump's economic agenda, the Supreme Court has struck down Trump's sweeping global tariffs. In a six to three 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. The White House has said it will quickly replace the levies using other legal tools. Bloomberg Law host June Grasso says this wasn't a surprise.
It's 6-3 with the very conservative justices in the minority. I mean, this was expected after the Supreme Court oral arguments. it seemed as if this was the definite conclusion. And so people were wondering what was taking so long. Well, what's taking so long is it's 170 pages.
That's Bloomberg Law host June Grasso. Bloomberg's Tyler Kendall tells us how many companies have been affected by the tariffs.
Well, if you want to hear a pretty startling statistic, IEPA tariffs have been collected from more than 301,000 importers. And every company that wants a refund would need a distinct claim in court. Perhaps we'll likely see a class action lawsuit that could maybe put this a little bit more broad-based.
That's Bloomberg's Tyler Kendall. Veda Partners co-founder Henrietta Trace says President Trump has to decide what he wants to do next.
It's up to him to decide whether he wants to migrate into new and different authorities, like Section 122, that give him the ability to impose tariffs at a 15% rate for the next five months. If he wants to do that, he can go ahead on. But the American public will be very grateful that the Supreme Court struck these tariffs down and even more grateful if he keeps them off.
That's Veda Partners co-founder Henrietta Trace. Meanwhile, U.S. officials say that President Trump will be traveling to China from March 31 to April 2. Wall Street reacting positively to the Supreme Court ruling striking down Trump's tariffs, with the Dow gaining around a quarter percent, the S&P up over six-tenths of a percent, while the Nasdaq has gained over one percent. The 10-year Treasury yield is at 4.093, the two years at 3.479. Gold is trading at nearly $5,050 an ounce, while Bitcoin is at over $67,600. President Trump speaking to reporters 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.
What was the Supreme Court's ruling on Trump's tariffs?
The U.S. military has been building up a massive armada in the Middle East, including two aircraft carriers, hundreds of fighter jets and refueling tankers, along with thousands of troops. The president has said Iran has 10 to 15 days to strike a deal over its nuclear program. The U.S. economy grew 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 and annualized 1.4 percent in the fourth quarter after rising 4.4 percent in the prior period. Data from the Bureau of Economic Analysis showed the economy expanded 2.2 percent last year.
The BEA said the reduction in federal services during the shutdown subtracted about one percentage point from GDP, which contradicted President Trump, who posted on social media that the shutdown would cost the U.S., quote, at least two points in GDP. U.S. consumer sentiment rose less than expected in February. as optimism among wealthier Americans was offset by declining confidence among those who haven't benefited from stock market gains.
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