US EditionChamber of Commerce: Tariffs ruling ‘welcome news’ for businesses, consumers
The Supreme Court invalidated tariffs under the International Emergency Economic Powers Act, but average tariffs remain near historic highs at 9.1%, Yale Budget Lab found.
- On Friday, the U.S. Supreme Court struck down duties imposed under the International Emergency Economic Powers Act, a ruling that affected business owners.
- After firms sued, Learning Resources and other companies challenged the policy after tariffs raised costs and prompted litigation, with some holding prices steady for months.
- Market indicators showed a muted rally, with the S&P 500 rising 0.7% and the Nasdaq about 0.9% on Friday, as investors weighed next steps, French added.
- Trade groups said firms warned that a complex refund process for tariffs already paid will temper celebrations, while the US Chamber of Commerce urged the lower court to ensure a seamless refund process for US importers.
- The Trump administration signaled it can pursue other tariff authorities, including a 10% global tariff under a separate statute, and `We have other ways- numerous other ways`, a Trump official said, expecting the issue to remain in court for years.
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50 Articles
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