The US Supreme Court has ruled that a significant portion of the tariffs imposed by former President Trump is illegal, limiting his administration's authority over import tariffs.
In a landmark ruling, the US Supreme Court deemed a substantial portion of the tariffs levied by former President Trump as illegal, asserting that he overstepped his authority in imposing these duties on numerous goods entering the United States. This decision marks a significant setback for Trump's trade policy and raises questions about the limits of executive power regarding trade regulation.
The immediate impact of the ruling was felt globally, as stock markets reacted positively, with gains noted across major exchanges. European markets, which were already on an upward trend prior to the announcement, accelerated their rise following the news, showcasing investor confidence and optimism regarding potential changes in US trade policy. For instance, Paris's CAC 40 index surged by 1.20%, reaching a new session record, while London and Milan also experienced notable gains.
The ramifications of this ruling could lead to a reassessment of tariff strategies by current and future administrations, as well as encourage discussions around more collaborative trade policies. The court's decision highlights the ongoing debates surrounding international trade, US economic strategies, and the balance of powers within the federal structure, which could influence legislative actions in the future.
