The Supreme Court has struck down the Liberation Day tariffs.
In a 6-3 decision, the Supreme Court basically struck down the 10% baseline tariff on all trading partners. It struck down what Trump called reciprocal tariffs on dozens of countries. They weren’t actually reciprocal tariffs because those countries were not actually charging us those tariffs. We were just charging them higher tariffs on the basis of trade deficits. Drug trafficking tariffs on Canada, Mexico, and China are gone. And the 145% effective rate on most Chinese goods is gone as well.
The Supreme Court says that the president does not have the unilateral authority or ability to simply impose broad-scale tariffs.
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