Following the US Supreme Court ruling, importers are reaping significant benefits, and the international market is reacting positively.

One of the leading drivers for international markets last week was the highly anticipated decision by the US Supreme Court regarding a series of tariff orders issued by the Trump administration. After numerous delays, the court delivered its final ruling, with a 6-3 vote, affirming that the tariffs were imposed beyond the government 's authority.

The U.S. Supreme Court ruling stated that the Emergency Economic Powers Act—the basis for a series of tariffs enacted by President Trump—did not actually grant the President the authority to impose tariffs, but required congressional approval.

Previously, no US president had ever used the aforementioned law to impose widespread tariffs. With this ruling, several key import tariffs, including those on narcotics and, notably, the retaliatory tariffs announced last April, have been repealed.

The ruling is seen as a major victory for many of America's trading partners as well as importers of goods into the US. According to previous estimates, the amount of tariffs that the US government will have to refund to importers from the repealed tariffs could reach $175 billion.

However, not all tariffs will be removed as a result of this ruling. US officials subsequently emphasized that tariffs imposed under other legal instruments besides the Emergency Economic Powers Act, such as import tariffs on aluminum, steel, and copper, or tariffs on many Chinese goods like electric vehicles, will remain in place.

The Trump administration also reacted quickly to this ruling. Besides criticizing the court's decision, Trump signed an executive order imposing a temporary 10% tariff globally, which was later increased to 15%. However, this tariff was only in effect for 150 days and would require congressional approval for extension.

Source: VTV

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