From CNBC.

The Supreme Court ruled that the Trump Administration lacked the authority to implement liberation day emergency tariffs. The ruling threw out the legal underpinning for many of the tariffs that Trump insists are essential for the U.S. economy and for rebuilding America’s shrinking manufacturing base. Trump’s reciprocal tariffs and his drug-trafficking-related duties both hinged on his administration’s expansive interpretation of IEEPA. But the court’s majority ruled Friday that IEEPA “does not authorize the President to impose tariffs.” CNBC’s Jeff Cox explain what lies ahead for U.S. businesses.

Reporting by: Jeff Cox
Edited by: Carlos Waters
Animation: Jason Reginato
Senior Managing Producer: Shawn Baldwin
Additional Footage: Getty Images
Additional Sources: Committee for a Responsible Budget, Treasury Department

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Trump’s Tariffs Ruled Illegal; Here’s What Comes Next