Supreme Court rules tariffs unconstitutional as White House keeps duties

8 articles · Updated · Fortune · May 6

The February ruling found Trump-era tariffs lacked legal basis under IEEPA, but the administration shifted to the 1974 Trade Act to preserve them.
Economists say the tariffs hurt consumers: Moody’s Mark Zandi said job growth has stalled and inflation rose to 3% from 2.5%, while Bank of America reported weaker real spending.
Customs revenue jumped 192% to $287 billion in 2025, though IEEPA-collected funds face trade-court redistribution to businesses; rising oil prices from the Iran conflict could worsen inflation and growth.

After a court struck down past tariffs, will businesses ever see their promised $160 billion in refunds?

With tariffs and an oil crisis hitting simultaneously, is a global recession now unavoidable?

Beyond oil, what critical supplies are threatened by the ongoing closure of the Strait of Hormuz?