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Supreme Court strikes down Trump’s tariffs, plans 10% global levy
Trump vows new 10% global tariff after Supreme Court rules against his previous tariffs, calling the decision ‘deeply disappointing’
Trump vows new 10% global tariff after Supreme Court rules against his previous tariffs, calling the decision ‘deeply disappointing’
– The U.S. Supreme Court has ruled that Trump lacks authority for tariffs without Congress support.
– Over 1,000 refund lawsuits from importers complicate the tariff issue, particularly for smaller businesses.
Learning Resources Inc., a toy company led by Rick Woldenberg, has contested these tariffs, potentially qualifying for refunds. Woldenberg hopes the Supreme Court ruling will initiate reflection on necessary economic adjustments.
Economic Impact
Economists suggest consumers may not notice significant changes due to persistent tariffs on numerous products. U.S. Treasury estimates predict the deputy’s revenue will remain largely unchanged despite Trump’s new plans to increase tariffs through other channels, specifically under Sections 122 and 301 of the Trade Act.
Trump’s forthcoming address to Congress is expected to address the implications of this ruling, which notably undermines a fundamental aspect of his trade agenda.
Despite past assurances regarding reform, uncertainties remain for both businesses and consumers as the administration explores future tariff strategies.