Supreme Court Declares Donald Trump's Tariffs Unlawful: Unveiling the Ruling

Following a Supreme Court ruling that his previous tariffs were illegal, Donald Trump has vowed to impose a new global tariff. Trump plans to sign an executive order to enact a 10% tariff on America's trade partners.

Trump described these new tariffs as being "over and above our normal tariffs already being charged." He also mentioned the possibility of cutting off trade with any country if he sees fit.

Supreme Court Rules on Trump's Tariffs

President Trump expressed his disappointment, stating he was "ashamed of certain members" of the Supreme Court after their ruling against him. He specifically referred to three justices he appointed during his first administration, accusing them of being unpatriotic and disloyal to the Constitution.

It's important to note that tariffs are not paid by the governments they are imposed on but are passed on to consumers, leading to increased prices.

Stock Market Reacts to Ruling

Trump had initially passed the tariffs using a 1977 law meant for national emergencies. The Supreme Court, however, ruled 6-3 against him, declaring the tariffs illegal. The stock market rallied following the ruling, with hopes that companies might receive refunds that could boost earnings.

Justice Brett Kavanaugh, appointed by Trump, dissented against the ruling and warned of potential chaos in the process of refunding billions of dollars. The Court has yet to determine how any refunds would be distributed.