The Supreme Court ruled 6-3 today that the administration exceeded its authority by using emergency powers to impose broad tariffs last year. This decision overturns about 75% of the tariffs currently in place, specifically the reciprocal ones. Tariffs on steel and autos remain since they used a different legal justification. The administration stated they plan to reimpose the tariffs using different laws immediately, so the actual economic impact depends on how fast that happens. Morgan Stanley analysts noted the President has other tools to keep tariff levels up. If the tariffs actually go away, it creates a budget gap since they generated $216 billion last year, but it would likely lower inflation. The ruling opens the door for importer refunds, though the process is expected to be complicated.