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Supreme Court rules that Trump’s sweeping emergency tariffs are illegal
The Supreme Court on Friday ruled that President Donald Trump violated federal law when he unilaterally imposed sweeping tariffs across the globe, a striking loss for the White House on an issue that has been central to the president’s foreign policy and economic agenda.
The decision is arguably the most important loss the second Trump administration has sustained at the conservative Supreme Court, which last year repeatedly sided with the president in a series of emergency rulings on immigration, the firing of the leaders of independent agencies and deep cuts to government spending.
Chief Justice John Roberts wrote the majority opinion and the court agreed 6-3 that the tariffs exceeded the law.
Stocks rebound from earlier losses after Supreme Court knocks down Trump's emergency tariffs: Live updates
Stocks gained on Friday, even after a series of economic data painted a picture of weak growth and sticky inflation, as traders reacted to the Supreme Court decision on President Donald Trump's tariffs.
The Dow Jones Industrial Average rose 74 points, or 0.1%. The S&P 500 traded up 0.2%, while the Nasdaq Composite rose 0.5%, supported by a 2% gain in Alphabet shares.
With Friday's move, the Dow is heading for a 0.1% gain in the period. The S&P 500 is on pace for modest gains this week, up 0.7%. The tech-heavy Nasdaq is set to snap a five week losing streak — it is up more than 1%.
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