Supreme Court Nixes Trump's Global Tariffs: Economic Agenda Shaken

The Supreme Court's 6-3 decision to nullify President Trump's global tariffs marks a significant blow to his economic agenda. The ruling reinforces Congressional authority in tariff imposition, leaving many of Trump's tariffs in place. This decision is expected to have a modest impact on inflation and business certainty.

The Supreme Court on Friday delivered a crucial verdict against President Donald Trump's global tariffs, striking them down in a move that disrupts his key economic strategies. The 6-3 decision reviewed tariffs that Trump imposed unilaterally under an emergency powers law, highlighting Congress's exclusive jurisdiction over taxation matters.

With this ruling, several of Trump's tariffs remain intact, such as those on steel and furniture industries. Despite the decision, economists predict a minor effect on inflation, as certain tariff costs were already mitigated or exempted, leaving consumers largely unaffected.

The ruling grants some clarity to businesses, potentially fostering investment after a period of uncertainty. However, the Supreme Court did not address the potential for refunds on tariffs previously collected, leaving some businesses calling for financial relief measures.

(With inputs from agencies.)