Full Analysis Of The Supreme Court IEEPA Decision: How It Impacts The Economy, Policy And Markets

On Friday, the Supreme Court struck down the tariffs imposed under the International Emergency Economic Powers Act (IEEPA), including the “reciprocal” tariffs as well as tariffs applied to Canada, China, Mexico, and other countries under separate emergency declarations.

President Trump announced a 10% “global tariff” under Sec. 122 shortly after the ruling and raised that to 15% on Saturday, with details of the change not yet clear. This surcharge would remain in place until late July, followed by longer-lasting and potentially higher tariffs under Sec. 301.