Trump tariffs: Who wins, who loses after Supreme Court strikes down sweeping levies

In a significant legal ruling, the US Supreme Court has overturned the majority of tariffs that former President Donald Trump imposed in 2025 under the International Emergency Economic Powers Act (IEEPA). This decision particularly affects the controversial 'reciprocal' tariffs that were designed to counter foreign trade practices deemed unfair. The court's verdict is expected to have wide-ranging implications for various stakeholders, including consumers, businesses, and international trade dynamics. While some industries may benefit from reduced costs and increased competitiveness, others could face challenges as market conditions shift. The ruling also sparks a debate about the broader implications of such tariffs on US-China relations and global trade policies. As stakeholders assess the fallout, the decision highlights the importance of legal frameworks in shaping economic policy and international relations. This landmark case underscores the evolving nature of trade law and its intersections with executive powers, setting a precedent for future administrations regarding tariff implementation and trade negotiations.