President Trump had no legal right to impose many of those tariffs the way he did.

I'm David Brancaccio in Los Angeles. The U.S. Supreme Court just ruled that the cornerstone of the president's tariff policy is illegal.

The six to three ruling says the International Emergency Economic Powers Act is not designed for this. Among

tariffs rendered illegal are the ones Trump announced last April on what he called Liberation

Day. Marketplaces Nancy Marshall-Gensar covers Washington. The tariffs now ruled illegal increased

prices for consumers. A report from the Federal Reserve Bank of New York says U.S. businesses and consumers

end up shouldering nearly 90 percent of the cost of all import taxes. Some businesses are vowing to go

to court to get a refund. An enormous amount of money has been collected by the U.S. Treasury

under these tariffs, which are now deemed illegal. We don't know yet if that money will be refunded,

and if so, how. In the opinion, Justice Brett Kavanaugh notes that refunds, if it comes to that,

would be an issue. He adds that, quote, refunds of billions of dollars would have significant

consequences for the U.S. Treasury, and the process would likely be a mess.

I'm Nancy Marshall-Genser for Marketplace.

President Trump has other tools under law to reimpose some tariffs without prior consent

of Congress, but at least one key strategy would need congressional approval after some

months had passed. What a miss, the economy grew at less than half

the rate expected as 2025 wound down. That's from today's calculation of gross domestic product,

which grew at an annual rate of 1.4 percent in the October to December quarter when economists

were expecting twice that, Christopher Lowe of FHN Financial.

Government shutdown in a nutshell. It's because we measure government activity based on the money

they spend, and usually that works really well. But of course, with the government shut down for half of the

quarter and non-essential workers literally not allowed to do any work but still paid for it,

...