The US Supreme Court on Friday overturned most of President Donald Trump’s tariffs, which could lead to more than $175 billion in tariff refunds for American companies. In a 6-3 decision, the justices ruled that the International Emergency Economic Powers Act (IEEPA)—the law that the Trump administration used to justify many of his sweeping global tariffs—does not grant the president the power of taxation, and tariffs are a form of tax on imports.
Since the start of his second term, Trump has enacted a variety of tariffs targeting almost every country in the world. Most of these tariffs, including the chaotic so-called “reciprocal tariffs” last April that sought to tax
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