Supreme Court blocks Trump's tariff power
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President Donald Trump’s economic agenda took a major hit when the Supreme Court struck down many of his most sweeping tariffs. While Trump has options to restore some of the tariffs, he’s losing his most powerful tool to impose them almost at will as a bargaining chip with other countries.
US stocks rose on Friday after the Supreme Court ruled that President Trump's most sweeping "Liberation Day" tariffs are unlawful, saying he lacked the authority to impose them using emergency powers.
President Trump announced a 10% global tariff under Section 122 of the Trade Act of 1974, shifting from the International Emergency Economic Powers Act (IEEPA) after a Supreme Court ruling. This new measure,