The U.S. Supreme Court struck down the executive branch's authority to impose sweeping global tariffs, a landmark decision that invalidates a key pillar of recent trade policy. The ruling addresses the president's use of the International Emergency Economic Powers Act (IEEPA) for broad-based tariffs, finding it exceeded the powers granted by Congress.
The decision immediately alters the U.S. trade landscape, raising questions about the future of import duties and the potential for companies to receive billions in refunds for tariffs already paid. The news was met with a positive reaction on Wall Street, as investors weighed the implications for corporate costs and international trade relations.
Market Impact: The S&P 500 gained 0.64%, the tech-heavy Nasdaq Composite rose 1.09%, and the Dow Jones Industrial Average edged up 0.26%. In cryptocurrency markets, Bitcoin was up 0.85% since the last session close, and Ethereum increased by 0.54%.