A big day for trade reporters, huh?

Yes, one of many, but maybe this is the biggest one so far.

Today, the Supreme Court ruled that the majority of President Trump's tariffs are illegal.

Our colleague Gavin Bade has been following Trump's tariffs since the get-go.

He has used emergency economic authority under a novel use of an emergency law to institute

most of his tariffs. And today, the Supreme Court said that he overstepped his bounds,

that this should be a congressional authority,

and that most of his tariffs were illegal. So raises a lot of questions for both the administration and, you know, the law firms here in Washington. Right. And for the U.S. economy, quite frankly.

Yes, absolutely. You know, there are many, many answers that still, you know, in the hours after

this decision

are still unknown. But what we know now is that he overstepped his bounds in instituting a lot

of these levies and it's going to have to go back to the drawing board on many of them.

Trump has justified the bulk of his tariff policy using a 1977 law called the International

Emergency Economic Powers Act,

known as AEPA.

When you see him threatening tariffs at the drop of a hat, this is the legal authority he's

using because it's the most flexible, and it allows him to just instantaneously, with a presidential

proclamation, change the tariff code. The Supreme Court today said, you can't do that.

That is not an appropriate use of this law.

You're going to have to come up with another legal justification for these tariffs.

How big of a setback is this for Trump's economic agenda?

I think it's a big setback.

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