Overview
- Chief Justice John Roberts wrote for the majority that IEEPA does not authorize tariffs, with Justices Clarence Thomas, Samuel Alito and Brett Kavanaugh dissenting.
- The ruling invalidates near‑global “reciprocal” and fentanyl‑linked duties tied to IEEPA, while sectoral tariffs imposed under other laws, such as Section 232, remain in place.
- The Court left refunds unresolved; estimates of IEEPA tariff collections exceed $100 billion, with Penn‑Wharton putting potential liabilities at roughly $175 billion.
- President Donald Trump said he will replace the voided levies using other statutes, announcing plans for a new 10% global tariff and citing authorities including Sections 232 and 301.
- Stocks ticked higher after the decision, and U.S. partners reacted quickly, with Canada calling the tariffs unjustified and the U.K. saying it will work with Washington on the implications.