The US Supreme Court struck down President Donald Trump’s sweeping global tariffs, undercutting his signature economic policy and delivering his biggest legal defeat since he returned to the White House.

Voting 6-3, the court said Trump exceeded his authority by invoking a federal emergency-powers law to impose his “reciprocal” tariffs across the globe as well as targeted import taxes the administration says address fentanyl trafficking.

The justices didn’t address the extent to which importers are entitled to refunds, leaving it to a lower court to sort out those issues. If fully allowed, refunds could total as much as $170 billion - more than half the total revenue Trump’s tariffs have brought in. 

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

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

The US Supreme Court struck down President Donald Trump&rsquo;s sweeping global tariffs, undercutting his signature economic policy and delivering his biggest legal defeat since he returned to the White House. Voting 6-3, the court said Trump exceeded his authority by invoking a federal emergency-powers law to impose his &ldquo;reciprocal&rdquo; tariffs across the globe as well as targeted import taxes the administration says address fentanyl trafficking. The justices didn&rsquo;t address the extent to which importers are entitled to refunds, leaving it to a lower court to sort out those issues. If fully allowed, refunds could total as much as $170 billion - more than half the total revenue Trump&rsquo;s tariffs have brought in. For instant reaction and analysis, Bloomberg Intelligence co-hosts Paul Sweeney and Scarlet Fu, o speak with: - Bloomberg Washington correspondent Tyler Kendall - Bloomberg Legal Analyst and host of Bloomberg Law June Grasso - Henrietta Treyz, Managing Partner and Director of Economic Policy at Veda Partners - Dave Townsend, Partner with Dorsey &amp; Whitney

Listen for today's top stories, with context, in just 15 minutes. 

Each morning, hosts Nathan Hager and Karen Moskow bring you the latest headlines on US politics, foreign relations, financial markets and global economics. The show is recorded at 5AM ET each weekday, so you get the freshest reporting on the stories that matter. Get informed from Bloomberg's 3,000 journalists and analysts. Listen and subscribe to Bloomberg Daybreak: US Edition.

Listen for today's top stories, with context, in just 15 minutes. Each morning, hosts Nathan Hager and Karen Moskow bring you the latest headlines on US politics, foreign relations, financial markets and global economics. The show is recorded at 5AM ET each weekday, so you get the freshest reporting on the stories that matter. Get informed from Bloomberg's 3,000 journalists and analysts. Listen and subscribe to Bloomberg Daybreak: US Edition.

Bloomberg Daybreak: US Edition

Instant Reaction: Trump's Global Tariffs Struck Down By Supreme Court

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