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In a major blow to US President Donald Trump’s signature trade policy, the US Supreme Courtinvalidated most of his sweeping tariff measures, The Washington Post reported.
According to The Post, the US apex court held that the US President did not possess the authority under the 1977 International Emergency Economic Powers Act (IEEPA) to impose extensive import duties on goods from nearly all US trading partners.
The ruling is expected to have wide-ranging consequences for global trade, businesses, consumers, inflation trends and household finances across the country.
The verdict marks a notable shift from a series of recent wins for Trump at the Supreme Court.
Over the past year, the justices had largely sided with the administration in interim orders, allowing policies such as a ban on transgender troops serving in the military, granting the United States DOGE Service access to sensitive data, and enabling significant cuts to the Education Department while legal challenges continued, The Washington Post reported.
The financial implications of the ruling are substantial.
The tariffs in question cover trillions of dollars in trade, and the US government collected nearly $134 billion in levies through December 14 under the contested authority, The Washington Post reported.
According to estimates by the Tax Foundation, Trump’s trade war will cost American households approximately $1,100 each in 2025, The Post reported.
