Overview
- The Court ruled 6–3 that the IEEPA does not clearly authorize blanket “reciprocal” tariffs, leaving sector‑specific measures on steel, aluminum and autos largely intact.
- Trump signed a decree for a 10% tariff on most imports effective February 24 for 150 days, with exemptions including pharmaceuticals and goods qualifying under the US‑Mexico‑Canada pact.
- The temporary rate also applies to partners with recent agreements such as the European Union and Japan, and it does not replace existing sectoral duties or USMCA‑protected trade.
- Importers are preparing refund claims after the invalidation of broad tariffs, with analysts estimating $130–$170 billion at stake and firms such as Costco and Toyota’s U.S. unit already suing.
- Stocks gained as Democrats and business groups welcomed the ruling and the president denounced it, while the administration weighs other legal routes under 1962, 1974 and 1930 trade statutes.