NEW YORK/LONDON — Thousands of businesses won a hard-fought victory when the U.S. Supreme Court ruled to overturn the White House’s emergency tariffs. The process of getting refunds has only just begun. In a decision that could ripple throughout the global economy for years, the court ruled that U.S. President Donald Trump was not allowed to use the 1977 International Emergency Economic Powers Act to levy broad tariffs on imports. The corporate world has spent months adjusting to Trump’s often-evolving trade policy and his central use of tariffs for his agenda, not just to address trade issues but also as a cudgel against other governments’ policies and actions. Now, thousands of businesses — and not just those that sued the administration — will decide whether to pursue refunds, as it means more than $175 billion in U.S. tariffs collected could be refunded, Penn-Wharton Budget Model economists said on Friday. Stock markets rose in the United States and Europe, led by shares of affected companies, including Europe’s luxury brands from LVMH to Hermes and Italian luxury outerwear g
Trump Announces Introduction of Global 10% Trade Tariff on All Countries
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