00:00The U.S. Supreme Court has struck down many of President Donald Trump's sweeping tariffs,
00:05a decision that is once again rattling global trade.
00:08While the court ruled those tariffs unlawful,
00:11it did not spell out how importers could seek refunds,
00:14leaving that fight to lower courts.
00:17And now a new 15% global tariff announced by Trump
00:20is adding further confusion and uncertainty for businesses and consumers.
00:26The 15% tariff which Trump said will take effect immediately
00:30is the maximum allowed under a provision of the 1974 Trade Act.
00:35It is a rarely used law that gives the president power
00:38to impose a temporary tariff for up to 150 days.
00:43Any extension needs lawmakers' approval.
00:46I would caution consumers or business owners
00:51from assuming that this is going to have an immediate benefit.
00:55that this is going to cause immediate lower prices.
00:58That isn't likely.
00:59What this really does is, again, cause a lot more uncertainty.
01:04On Friday, the Supreme Court found that Trump overstepped his authority
01:08under the 1977 International Emergency Economic Powers Act,
01:13known as IEPA, to impose sweeping tariffs on trading partners.
01:17He was the first U.S. president to use that law to impose tariffs.
01:21Government data show those IEPA tariffs have already raised at least $130 billion.
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