The Supreme Court struck down Trump's emergency tariffs in a 6-3 decision, leaving $175 billion in collected revenue in limbo. Justice Kavanaugh warned the lack of guidance on refunds will create chaos. Congress could approve the tariffs, but that's unlikely given the current political climate.
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A 6-3 decision. They just struck down the use of tariffs under the emergency powers. You have 3 dissenters here. What's interesting is what happens with this $175 billion and maybe potential tariff refunds. If you haven't followed this last 6 to 8 months, Trump has been using emergency powers to do tariffs. That's why he can, as the president, impose tariffs. He goes, you know, war powers, emergency powers. They said, no, you can't do that. It's got to go through Congress. Now tariffs could still stay, but Congress just needs to approve Which most likely won't happen just based on the feedback from tariffs. This is Justice Kavanaugh's dissent. He said, the court says nothing today about whether, and if so, how the government should go about returning billions of dollars that it has collected from importers. He says, this process is likely to be a mess, and that was acknowledged as an oral argument as part of his dissent of a reason he didn't agree with this. We'll see how this all plays out. Markets did a little pop this morning, but not a ton. We'll see if they maintain or drop back down. Follow along to stay in the loop.