Supreme Court rules against Trump's tariffs
The Supreme Court ruled 6-3 this morning that the Trump administration exceeded its authority in using the 1977 International Emergency Economic Powers Act (IEEPA) to impose sweeping global duties.
In the majority opinion for Learning Resources v. Trump, Chief Justice Roberts—joined by Justices Gorsuch, Barrett, and the three liberals—noted that IEEPA’s power to "regulate" does not grant a "blank check" for unbounded, unilateral tax-setting. He pointedly noted that in the law's 50-year history, no president had ever attempted to use it as a primary revenue-raising tool.
The Casualty List: What’s Dead vs. What Stays
The ruling isn't a total "tariff killer," but it effectively guts the "emergency" framework used for the last 14 months.
WHAT’S DEAD:
The 10% global baseline, the "Reciprocal" tariffs on dozens of partners (like the recent 18%–25% India duties), and the Canada/Mexico/China fentanyl-related tariffs.
WHAT STAYS:

This content is exclusive for Pro+ Subscribers
Upgrade to the Pro+ Research Suite for exclusive access to Quick Hits, Insights, and The Quarterly.

