Supreme Court deals blow to Trump's trade agenda in landmark tariff case

• The Supreme Court overturned Trump's use of the IEEPA statute to impose tariffs in a 6-3 decision, authored by Chief Justice Roberts.
• The Dow Jones Industrial Average, S&P 500, and Nasdaq Composite all rose following the announcement, indicating a positive market reaction.
• Open questions remain regarding refunds for companies that paid tariffs and the effective date of the decision, though the Trump administration reportedly has a 'backup plan' for trade strategy.

The Supreme Court has overturned former President Trump's use of emergency powers (IEEPA statute) to impose tariffs, ruling 6-3. Despite this significant legal development, the financial markets, including the Dow, S&P 500, and Nasdaq, showed a positive reaction, with all major indices trading in the green. The hosts speculate that investors may view the removal of these tariffs as a positive development for the economy.