00:00The U.S. Supreme Court struck down on Friday President Donald Trump's sweeping tariffs.
00:06In a 6-3 ruling, the court rejected Trump's use of a law meant for national emergencies
00:11to impose taxes on imported goods.
00:15Democrats and various industry groups hailed the ruling.
00:18The landmark opinion has major implications for the global economy.
00:23Conservative Chief Justice John Roberts authored the ruling, which upheld the lower court's
00:28decision, that the Republican president's use of the 1977 International Emergency Economic
00:34Powers Act exceeded his authority.
00:37Tariffs have been central to a global trade war that Trump initiated after he began his
00:42second term as president, one that has alienated trading partners, affected financial markets,
00:48and caused global economic uncertainty.
00:51Penn-Warton budget model economists estimated on Friday that the amount collected in Trump's
00:57tariffs stood at more than $175 billion, and that amount likely would need to be refunded
01:04as a result of this ruling.
01:06After the Supreme Court heard arguments in the case in November, Trump said he would consider
01:11alternatives if it ruled against him on tariffs.
01:14Treasury Secretary Scott Besant and other administration officials have said the United States would invoke
01:20other legal justifications to retain as many of Trump's tariffs as possible, after the ruling U.S.
01:27stocks rose fractionally in Friday morning trading.
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