The Supreme Court’s three liberal justices joined three conservatives in the ruling, which upheld lower court decisions that tariffs Trump imposed under IEEPA were illegal. A lower trade court ruled in May that Trump overstepped his authority with across-the-board levies and blocked most of them, but that outcome was put on hold as the Government appealed. “We urge the lower court to ensure a seamless process to refund the tariffs to US importers,” the federation said. EY-Parthenon chief economist Gregory Daco told AFP the loss of IEEPA tariff revenues for the US Government could amount to about US$140 billion ($234b). Constrained ambitionThe European Union said it was studying the court ruling and will remain in close contact with the Trump administration.

Source: New Zealand Herald February 20, 2026 20:28 UTC