The Supreme Court ruled a large swath of the Trump administration’s tariffs was unconstitutional on Friday. It might make the average American consumer happy, but the decision could amount to trillions of dollars in lost government revenue over the next decade, and eventually come back to haunt the country’s fiscal stability.
As evidence mounted that tariffs were taking a toll on American shoppers and companies, the Supreme Court justices ruled 6–3 that Trump had exceeded his authority when he installed sweeping “emergency” tariffs on a number of trade partners. The decision was cheered by business coalitions, and markets surged on the news.
