Supreme Court Ruling Strikes Down Trump Tariffs. What's Next For Investors And The Markets.

• Supreme Court ruled Trump's 'Liberation Day' tariffs (under IEEPA) unconstitutional in a 6-3 decision.
• Retailers, wholesalers, and importers are expected to benefit from potential refunds, with stocks initially surging.
• Existing steel and aluminum tariffs, imposed under different authority, are not affected by this ruling.
• The market's initial positive reaction may be priced in, and future trade policy remains uncertain, with potential for new tariffs.

The Supreme Court struck down President Trump's 'Liberation Day' tariffs, citing unconstitutional use of the IEEPA. This decision could lead to billions in refunds for importers and retailers, causing an initial market surge. However, uncertainty persists regarding future trade policies and whether the market has already priced in this development.