Before they were overturned by the Supreme Court, the Trump administration’s tariffs announced on April 2, 2025, cost U.S. consumers and small businesses a lot of money.
The tax and spending law, passed last summer, expands on President Donald Trump’s 2017 tax cuts, making it easier for big corporations to pay less in federal income taxes.
The Supreme Court released a decision Friday finding that the president does not have the authority to impose tariffs under the International Emergency Economic Powers Act.