Supreme Court 📍

The case involved two categories of tariffs. Trump imposed one category on virtually every country in the world, ostensibly to repair trade deficits. He imposed the other set of tariffs on Mexico, Canada and China, saying those countries are responsible for the flow of illegal fentanyl into the U.S.

The court rejected Trump’s argument that a 1977 law, the International Emergency Economic Powers Act, implicitly authorized both groups of tariffs.

“Had Congress intended to convey the distinct and extraordinary power to impose tariffs, it would have done so expressly,” Roberts wrote.

The White House didn’t immediately respond to a request for comment.

Stock indexes rose modestly after the decision, while trade- and tariff-exposed stocks gained. The dollar slipped and Treasury yields edged higher.