The Supreme Court has struck down Donald Trump’s sweeping global tariffs. 

Breaking news analysis from Bloomberg:

In a 6 to 3 ruling, the Court struck down President Donald Trump’s sweeping global tariff program, dismantling his signature economic policy and delivering his most significant legal setback since returning to the White House. 

The justices ruled that the President exceeded his authority by invoking a federal emergency powers law to impose so-called reciprocal tariffs worldwide, along with targeted import taxes the administration said were necessary to combat fentanyl trafficking. 

However, the Court did not address whether importers are entitled to refunds. That issue now returns to a lower court, and the financial stakes are substantial. If refunds are ultimately required, they could total as much as 170 billion dollars, more than half of the total revenue generated by the tariff program. 

For instant reaction and analysis, Bloomberg Intelligence co-hosts Paul Sweeney and Scarlet Fu speak with:

Tyler Kendall, Bloomberg Washington Correspondent
June Grasso, Bloomberg Legal Analyst and host of Bloomberg Law 
Henrietta Treyz, Managing Partner and Director of Economic Policy at Veda Partners 
Dave Townsend, Partner at Dorsey and Whitney

Stay with us as we break down the legal reasoning, the economic implications, and what this means for the administration’s broader trade agenda.

The Supreme Court has struck down Donald Trump&rsquo;s sweeping global tariffs. 
Breaking news analysis from Bloomberg:
In a 6 to 3 ruling, the Court struck down President Donald Trump&rsquo;s sweeping global tariff program, dismantling his signature economic policy and delivering his most significant legal setback since returning to the White House.&nbsp;
The justices ruled that the President exceeded his authority by invoking a federal emergency powers law to impose so-called reciprocal tariffs worldwide, along with targeted import taxes the administration said were necessary to combat fentanyl trafficking.&nbsp;
However, the Court did not address whether importers are entitled to refunds. That issue now returns to a lower court, and the financial stakes are substantial. If refunds are ultimately required, they could total as much as 170 billion dollars, more than half of the total revenue generated by the tariff program.&nbsp;
For instant reaction and analysis, Bloomberg Intelligence co-hosts Paul Sweeney and Scarlet Fu speak with:
Tyler Kendall, Bloomberg Washington Correspondent June Grasso, Bloomberg Legal Analyst and host of Bloomberg Law&nbsp; Henrietta Treyz, Managing Partner and Director of Economic Policy at Veda Partners&nbsp; Dave Townsend, Partner at Dorsey and Whitney
Stay with us as we break down the legal reasoning, the economic implications, and what this means for the administration&rsquo;s broader trade agenda.

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Produced in the early hours each weekday, the show delivers fresh reporting, sharp analysis and clear context on politics, business and global markets by 7am London time. From decisions made in Brussels and London to developments across the global economy, Daybreak Europe connects the dots between power, policy and money.

Hosted by Stephen Carroll in Brussels and Caroline Hepker in London, and powered by Bloomberg’s global network of more than 3,000 journalists and analysts, the podcast goes beyond headlines to explain what is changing, why it matters and what could come next.

Trusted by professionals, business leaders and investors, but made for anyone curious about how economics and politics shape everyday life, Bloomberg Daybreak Europe is the essential way to start your morning informed and ahead.

Bloomberg Daybreak Europe is the daily morning podcast that helps you understand the stories shaping Europe and the world before the day gets going.
Produced in the early hours each weekday, the show delivers fresh reporting, sharp analysis and clear context on politics, business and global markets by 7am London time. From decisions made in Brussels and London to developments across the global economy, Daybreak Europe connects the dots between power, policy and money.
Hosted by Stephen Carroll in Brussels and Caroline Hepker in London, and powered by Bloomberg&rsquo;s global network of more than 3,000 journalists and analysts, the podcast goes beyond headlines to explain what is changing, why it matters and what could come next.
Trusted by professionals, business leaders and investors, but made for anyone curious about how economics and politics shape everyday life, Bloomberg Daybreak Europe&nbsp;is the essential way to start your morning informed and ahead.

Bloomberg Daybreak: Europe Edition

Instant Reaction: Trump’s Global Tariffs Struck Down

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