US Supreme Court Overturns Trump's Emergency Tariffs

The U.S. Supreme Court ruled to overturn emergency tariffs imposed by former President Donald Trump, stating that the 1977 International Emergency Economic Powers Act was improperly used to levy broad tariffs on imports. This decision could lead to over $175 billion in collected tariffs being refunded to thousands of businesses, including major players like LVMH, Hermès, Moncler, Toyota Motor Corporation===Toyota Group, Costco, Goodyear Tire and Rubber Company, Alcoa, Kawasaki Heavy Industries===Kawasaki Motors, EssilorLuxottica, and BYD. While the ruling was met with positive market reactions, the process of obtaining refunds is expected to be slow and administratively complex, managed by the United States===United States Court of International Trade. Legal experts like Nabeel Yousef of Freshfields and Edward Murphy of Sidley Austin noted that companies face challenges in data collection for refunds, and that tariffs under other legal frameworks, such as national security, will likely persist. The United States===Federal Reserve Bank of New York and Yale Budget Lab highlighted that American consumers and companies bore the brunt of these tariffs, and despite the ruling, it is unclear if companies will lower prices.