Feb 20 (Reuters) – Wall Street’s main indexes jumped on Friday after the Supreme Court ruled against U.S. President Donald Trump’s sweeping tariffs imposed under the International Emergency Economic Powers Act of 1977.
The top court rules against Trump’s global tariffs enacted under a federal law meant for national emergencies.
Trump first imposed the levies last February under the 1977 economic sanctions law meant to be used only during national emergencies.
His April 2 “Liberation Day” tariffs included a baseline duty of 10% on all imports to the United States and specific additional tariffs of 15% to 50% on most countries, many of which were renegotiated and subsequently lowered.
Trump also imposed product-specific tariffs such as a 50% rate on steel and aluminum and 25% on auto parts.
Thousands of companies around the world have filed lawsuits challenging those sweeping tariffs and sought refunds on duties they have paid.
At 10:02 a.m. ET, the Dow Jones Industrial Average rose 207.03 points, or 0.42%, to 49,602.19, the S&P 500 gained 33.44 points, or 0.52%, to 6,895.33 and the Nasdaq Composite gained 153.93 points, or 0.68%, to 22,836.66.
(Reporting by Purvi Agarwal and Pranav Kashyap in Bengaluru; Editing by Shinjini Ganguli and Pooja Desai)
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