The statute says a president can impose duties to deal with “large and serious” balance-of-payments deficits — an issue related to trade deficits, which some of the president’s IEEPA tariffs purport to address. But it also imposes a 150-day limit on the tariffs, unless Congress votes to extend them.

Trump has issued tariffs throughout his first year back in office. He also suggested sending some of the revenue back to Americans in $2,000 checks.

The U.S. Supreme Court struck down President Donald Trump's sweeping global tariffs, handing him a loss on an issue crucial to his economic agenda.

Supreme Court rules 6-3 that President Donald Trump exceeded authority using emergency powers for tariffs, with conservative justices dissenting from majority decision.

High tariffs changed the way small companies did business in 2025. Now that the Supreme Court has ruled many tariffs illegal, they want their money back.

The U.S. trade deficit slipped modestly in 2025, a year in which President Donald Trump upended global commerce by slapping double digit tariffs on imports from most countries. But the gap in the trade of goods such machinery and aircraft — the main focus of Trump's protectionist policies — hit a record last year despite sweeping