The Supreme Court of the United States has given a landmark ruling on the import tariffs imposed by US President Donald Trump. Trump had used the Emergency Economic Power Act of 1977 to impose extra taxes on goods coming from many countries. As a result, the US government has reportedly collected about $134 billion.
In this situation, the Congressional Budget Office had previously calculated that $3 trillion in revenue would be generated over the next 10 years. But now, 6 out of 9 judges have ruled that “Congress has the authority to impose taxes, not the president.” Therefore, they declared that the taxes imposed by Trump are unconstitutional. But this is a big disappointment – there is a lot of it,” Trump reacted.
After this ruling:
- There is a possibility of a decline in the value of the US dollar
- A shocking situation in the stock market
- There are signals that new changes may come in world trade
Now, an important question that everyone is asking is what will happen — will that $134 billion be returned? The court has not yet given a clear answer to this. Economists say that this ruling will affect trade relations between the United States and the world.
