The Supreme Court struck down Trump's use of the International Emergency Economic Powers Act for tariffs, but the administration claims it still has broader tariff powers under other laws, including a 10% global tariff. Treasury Secretary Scott Bessent says the court only ruled that IEPA cannot raise revenue, not that tariffs themselves are illegal.
Chapters
Well, in a wild day for tariffs, they were struck down and now they are back. If you didn't see this morning, the Supreme Court ruled 6-3 that the tariffs Trump was doing were not legal. What happened was they said a certain type of tariff was illegal, and what Trump is claiming is these other sections here of tariffs are actually now more crystallized and actually give him more power. Hence why he's putting a global 10% tariff effective immediately. You look at this tweet put out by the Trump administration. I won't read the whole thing, but right here, we'll start here. But now the court has given me unquestionable right to ban all sorts of things from coming to our country, a much more powerful right than many people thought we had. And he skips down. This is Justice Kavanaugh's dissent. Although I firmly disagree with the court's holding today, there was 3 dissents on this vote, the decision might not substantially constrain a president's ability to order tariffs going forward. That is because numerous other federal statutes authorize the president to impose Tariffs. The Supreme Court decision today made a president's ability to both regulate trade and impose tariffs more powerful and crystal clear rather than less. If you jump down here, uh, based on longstanding law and hundreds of victories to the country, the Supreme Court did not overrule tariffs. They merely overruled a particular use of IEPA tariffs. The ability to block, embargo, restrict, license, or impose any other condition on a foreign country's ability to conduct trade with the United States under IEPA has been fully confirmed by this decision. In order to protect our country, a president can actually charge more tariffs than I was charging in the past under various other tariff authorities. Yeah, and this is Treasury Secretary Scott Bessent saying, to be clear, the court did not rule against the administration's tariffs. It only said IEPA can't be used to raise revenues. And they mentioned these other sections of how they're going to charge tariffs. Oh, again, I don't know if this is good or bad or what this is. I'm just reporting the news as it comes in. I'm sure I'll have more of an opinion here in the next few days. But someone asked Trump about returning the money. What's interesting, they spent 6 months on this opinion letter and did not say whether they need to return the $175 billion or not. It was actually Justice Kavanaugh who in his dissenting letter said, this is ridiculous. We didn't even rule on if we should return the money or not. We're gonna have to do another ruling in the future on these previous tariff revenues. Now, the market really hasn't reacted much. It went up a little bit, then down, then up again. I don't know, we'll see how this thing plays out. We have An Iran war may be breaking out. We got alien files coming and tariffs struck down, but then they're back again. What a time to be alive. Follow along to stay in the loop.
