Feb. 20 at 9:31 PM
The Supreme Court struck down most of Trump’s sweeping tariff policy under the International Emergency Economic Powers Act, with the majority ruling that that law “does not authorize the President to impose tariffs.” In response, Trump announced he will impose a new 10% “global tariff.”
“Now I’m going to go in a different direction, probably the direction that I should have gone the first time,” the president said during a press briefing at the White House after the high court’s decision. “I’ll go the way I could have gone originally, which is even stronger than our original choice.”
Shares of “Magnificent Seven” member Amazon
— a company that sources up to 70% of its goods from China, per Wedbush Securities, and that has already begun to see tariffs impact the price of certain items — jumped more than 2% following the ruling. Others believed to benefit from the outcome were higher as well, such as Home Depot
and Five Below
$SPX $FIVE