Trump Tariff Verdict LIVE Updates: US Supreme Court Strikes Down Trump's Tariffs; US President Claims To Have 'Backup Plan'

After the US Supreme Court rules against the tariffs on Friday, terming them unauthorised under IEEPA, US President Donald Trump retorted that he has a "backup plan" for tariffs. 

What a dissenting US SC judge says on refunds: 
- Court’s decision is not likely to greatly restrict Presidential tariff authority going forward
- But the Court’s  decision is likely to generate other serious practical consequences such as refunds
- Refunds of billions of dollars would have significant
- consequences for the US Treasury
- Court says nothing today about whether, and if so how, the Government should go about returning the billions of dollars that it has collected from importers
- That process is likely to be a “mess,” as was acknowledged at oral argument

The ruling was authored by Chief Justice John Roberts, who was joined by three liberal justices and two fellow conservatives, Justices Neil Gorsuch and Amy Coney Barrett, in the majority.

"The president asserts the extraordinary power to unilaterally impose tariffs of unlimited amount, duration and scope," Roberts wrote. But the Trump administration "points to no statute" in which Congress has previously said that the language in IEEPA could apply to tariffs, he added.

As such, "we hold that IEEPA does not authorise the president to impose tariffs," Roberts wrote.

Justices Clarence Thomas, Brett Kavanaugh and Samuel Alito dissented.

(Source: NBC)

S&P 500, Nasdaq 100 jump to session highs after tariff ruling 

Treasury yields rise after Supreme Court strikes down tariffs. 

The US Supreme Court has struck down Donald Trump's tariffs, declaring them as illegitimate. 

In case of a reversal, trading partners, companies, and importers that paid the disputed duties will have the avenue to ask for refund, placing around $175 billion in US tariff revenue at risk, as per the Penn-Wharton Budget Model.

However, a ruling against the levies may quite possibly reduce the tariff burden that has been passed mostly onto U.S. consumers and businesses. 

Some studies showed that American citizens bore about 90% of the tariff costs despite claims that foreign producers would pay.

US President Donald Trump began imposing hefty tariffs on America's trading partners in a bid to "make America great again" and "revive" the US economy. 

Following his inauguration, President Trump declared a national emergency over the U.S. trade deficit. On April 2, 2025—coined "Liberation Day" by the administration—he signed Executive Order 14257. This invoked the International Emergency Economic Powers Act (IEEPA) to impose a baseline 10% universal tariff on nearly all imports.

US President Donald Trump took to his social media platform 'Truth Social' to push for lower interest in rates and denounce democrat shutdowns. 

Futures of the main US stock market indices were trading lower. The Dow Jones Industrial Average fell 49 points, or 0.1%. S&P 500 futures traded down 0.1%, along with Nasdaq-100 futures. 

The landmark hearing is set to commence at around 8:30 p.m. IST, which translates to 10 a.m. EST or local time. 

The US Supreme Court in convening once again to hear 'Learning Resources v. Trump', and 'Trump v. V.O.S. Selections, Inc.' today, at 10 a.m. EST. 

The court had to decide whether an American President can unilaterally impose such whopping levies on its trading partners, citing national security or emergency powers.

The apex court's ruling will prove to be landmark in deciding not only the fate of Trump's infamous tariffs but also the US economy as a whole. Further, it will also set a precedent for how future presidents, Republican or Democrat, can invoke emergency powers to shape economic policy.

So far, the SC has deferred its ruling at least thrice. 

Trump has been largely dismissive of criticism surrounding the tariffs, labelling the policy as "strongest and fastest economic turnaround" in the history of United States.