Instant Reaction: Trump's Global Tariffs Struck Down By Supreme Court
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What is the main topic discussed in this episode?
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This is a breaking news update from Bloomberg. Instant reaction and analysis from our 3,000 journalists and analysts around the world.
U.S. Supreme Court struck down President Donald Trump, sweeping global tariffs, undercutting his signature economic policy and delivering his biggest legal defeat since he returned to the White House. Tyler Kendall, Bloomberg News, White House correspondent joins us here, Washington correspondent. Tyler, give us the latest on what we know about this Supreme Court ruling.
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.
It doesn't seem to matter to investors, at least for the moment. You look at the S&P 500. It did shoot up. It's come back a little bit. But what's notable here, Paul, is that the best performing group among 24 groups is the consumer durable and apparels group. Lululemon, for instance, jumping about 5% right at the open. It's paired some of that advance to 2.4%. Lululemon, along with other companies, presumably... hurt by these tariffs would benefit, therefore, with the removal of these tariffs.
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Chapters
5 chapters
1
What is the main topic discussed in this episode?
0:01–7:02
2
What was the Supreme Court's ruling on Trump's global tariffs?
7:02–7:48
3
What are the implications of the Supreme Court's decision for President Trump's authority?
7:48–15:42
4
What reactions have been observed in the stock market following the ruling?
15:42–18:31
5
How might the ruling affect U.S. importers and tariff refunds?
18:31–31:20
Speakers
10 identifiedMore from Bloomberg Tech
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