Commentary Morningstar DBRS The U.S. Supreme Court ruled on Friday that the tariffs imposed by the Trump administration under the International Emergency Economic Powers Act of 1977 (IEEPA) are illegal. In response, the Trump administration announced plans to impose a 10% across-the-board tariff based on the Trade Act of 1974 and additional tariffs could be enacted through alternative statutory routes. The ruling and the follow-up announcements by the Trump administration are bound to generate uncertainty in the near term and tariff refunds could ultimately represent a one-off cost of up to 0.4% of 2025 GDP. Nonetheless, the Supreme Court’s decision
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