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Trump Tariff Blocked: US President Donald Trump, in his first reaction to the US Supreme Court ruling to block tariffs, said he has a “backup plan”. In a big blow to Trump's tariff strategy to negotiate with other countries on trade deals, the US Supreme Court ruled that the tariffs were not authorised under the International Emergency Economic Powers Act (IEEPA) without congressional authorisation. Trump called the SC order on his sweeping global tariffs a "disgrace" on Friday after the decision came during his meeting with state governors, sources familiar with the matter said.

Trump said he was 'absolutely ashamed' of US Supreme Court justices who issued 'deeply disappointing'  tariff decision. He warned that there were methods (for tariff) that are even stronger available to him.

What Has The Supreme Court Said?

In a 6-3 ruling authored by conservative Chief Justice John Roberts, the top court upheld a lower court's decision that Trump's use of this 1977 law exceeded his authority. The justices ruled that the law at issue - the International Emergency Economic Powers Act did not grant Trump the power he claimed to impose tariffs.

ALSO READ: 'I've Backup Plan': Trump's First Reaction After US Supreme Court Blocks Tariffs

"Our task today is to decide only whether the power to "regulate importation," as granted to the president in IEEPA, embraces the power to impose tariffs. It does not," Roberts wrote in the ruling, quoting the statute's text that Trump claimed had justified his sweeping tariffs.

Business Celebrates Win Over Trump Tariffs

The court ruling triggered celebration among the business fraternity as it marked a historic legal victory. Thousands of businessmen registered a hard-fought victory after the US Supreme Court ruled to overturn the White House's emergency tariffs.

ALSO READ: US Supreme Court Blocks Trump’s Global Tariffs: What It Means For India

Will Traders Get Refunds?

Yes, the traders will get refuns and the process of getting refunds has just begun with the SC scrapping the tariff; however, it will take time. The SC decision that could ripple throughout the global economy for years, the court ruled that Trump was not allowed to use the 1977 International Emergency Economic Powers Act to levy broad tariffs on imports.

ALSO READ: US Supreme Court Strikes Down Donald Trump's Tariffs, Terms Them ‘Illegal’; Here’s Why?

The corporate world has spent months adjusting to Trump's often-evolving trade policy and his central use of tariffs for his agenda, not just to address trade issues but also as a cudgel against other governments' policies and actions.

(With agencies inputs)

Trump says he's 'absolutely ashamed' of US Supreme Court justices who issued 'deeply disappointing'  tariff decision, reports AP


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