supreme-court-3

(NAFB.com) – The Supreme Court turned the U.S. trade landscape upside down with a decision on Friday striking down the centerpiece of President Donald Trump’s tariff program. Just over one year into the President’s second term, the 6-3 ruling in “Learning Resources, Inc. v Trump” comes after Supreme Court justices showed skepticism in questioning during oral arguments last November. Yahoo Finance said the ruling appears to halt a massive section of Trump’s tariffs that he announced last year on what he referred to as “Liberation Day. Trump said a 1977 law called the International Emergency Economic Powers Act gave the president the ability to declare an economic emergency and take action, but it doesn’t specific tariffs as a specific remedy to the emergency. “IEEPA doesn’t authorize the President to impose tariffs,” read the decision by Chief Justice John Roberts. The Court’s decision doesn’t appear to address the question of eligibility for tariff refunds, which is likely to lead to a complex legal process for companies.