Supreme Court Strikes Down Trump Tariffs; President Vows to Fight Back

Supreme Court Ruling on Tariffs

• ⚖️ The Supreme Court has struck down President Trump's signature trade policy, specifically his sweeping "reciprocal" tariffs levied on nearly every country.
• 🎯 In a 6-3 decision, the justices ruled that levying tariffs is the job of Congress, not the executive branch, stating the framers did not vest any part of the taxing power in the executive.

President Trump's Response

• ⚡ President Trump expressed outrage at the ruling and the justices he appointed, vowing the tariff fight is "far from over."
• ✍️ He signed an executive order implementing a new 10% global tariff that goes into effect Tuesday, aiming to circumvent the Supreme Court's decision.
• 🗣️ Trump stated he is "ashamed of certain members of the court" and that foreign countries ripping off the US are ecstatic.

Impact on Businesses and Markets

• 📈 Stocks rallied following the news, and many business owners expressed relief, particularly importers of goods like auto parts, sneakers, and athletic wear.
• ⚠️ However, not all tariffs are disappearing, as the administration used a separate law for tariffs on steel, aluminum, cars, copper, and lumber.
• 💰 Justice Kavanaugh's dissenting opinion suggested the ruling might require the US to issue billions of dollars in tariff refunds, a process acknowledged as potentially messy.

Commerce Secretary's Firm Denies Profit from Rulings

• 🚫 Commerce Secretary Howard Lutnik's former firm, Caner Fitzgerald, denied profiting from Supreme Court rulings on Trump tariffs.
• 🤥 The firm rejected reports of offering a financial product tied to potential tariff refunds, stating a salesman may have misunderstood the situation.

California's Reaction and Call for Refunds

• 💰 California Governor Gavin Newsom responded by stating, "It's time for a refund," highlighting that the president had been "illegally taxing groceries, furniture, and cars."
• 🏛️ California's Attorney General Rob Bont elaborated that retroactive relief and refunds are available for amounts paid due to unlawful tariffs, urging Congress to expedite this process for harmed businesses.