Supreme Court strikes down Trump tariffs

• The Supreme Court majority ruled that the law supporting Trump's import duties 'does not authorize the President to impose tariffs'
• The ruling strikes down a 'huge chunk' of Trump's far-reaching tariff agenda, limiting presidential authority on trade policy
• This is breaking news with limited details currently available, suggesting potential significant economic and policy implications to follow

SUMMARY

The U.S. Supreme Court struck down a significant portion of President Donald Trump's tariff program on Friday, ruling that the underlying legislation "does not authorize the President to impose tariffs." This represents a major legal setback to Trump's trade policy agenda.

Key Details:

• The Supreme Court majority determined Trump overstepped his executive authority in implementing the sweeping import duties
• Lower courts had previously ruled against the tariffs before the case reached the Supreme Court
• The article is labeled as breaking news, indicating this is a developing story with limited details currently available

Market Implications:

This ruling could have substantial ramifications for U.S. trade policy and international commerce. The decision:

• Eliminates a "huge chunk" of Trump's tariff agenda, potentially affecting billions of dollars in imports
• May require Congressional action for future tariff implementation, shifting trade policy authority
• Could impact companies across multiple sectors that had been subject to or benefited from the tariffs
• May influence U.S. trading relationships with key partners, particularly China and other nations targeted by Trump-era trade measures

The absence of specific tariff percentages, affected product categories, or dollar amounts in this initial report suggests more comprehensive details will follow. Traders and investors should monitor for updates on which specific tariffs are affected and the timeline for any changes, as this could significantly impact import-dependent industries, domestic manufacturers, and overall market sentiment.