This ruling impacts tariffs imposed by way of the International Emergency Economic Powers Act, which includes the reciprocal tariffs announced on April 2’s so-called “Liberation Day.” Bloomberg Intelligence estimates that roughly $170 billion in tariff revenues have been generated through February 20 via these policies. However, this ruling has no bearing on section 232 tariffs, which have been used to justify levies on the likes of steel and aluminum.
Trump administration officials had indicated that they developed contingency plans to attempt to reinstate levies in the event of this outcome. CNN reported that Trump called this ruling a “disgrace” and said he had a backup plan for tariffs.
Trump administration officials had indicated that they developed contingency plans to attempt to reinstate levies in the event of this outcome. CNN reported that Trump called this ruling a “disgrace” and said he had a backup plan for tariffs.