The US Supreme Court has largely struck down President Trump’s tariffs. The New York stock exchange clearly reacted to the verdict.
A US Supreme Court decision against tariffs imposed by President Donald Trump caused prices to jump on Wall Street on Friday. The Dow Jones index of standard stocks then turned positive and gained 0.6 percent to 49,712 points. The broader S&P 500 rose by 0.7 percent to 6,909 points, the Nasdaq technology exchange index climbed by up to 0.9 percent to 22,880 points.
The US Supreme Court declared Trump’s tariffs unconstitutional on Friday. The judges criticized the legal basis on which Trump justified his actions.
The US President first ordered the taxes last February on the basis of a law from 1977 that was actually intended for national emergencies. The measures included a base tariff on all imports and additional tariffs for most countries. He also imposed product-specific tariffs such as steel and aluminum as well as car parts. Thousands of companies around the world had sued the measures and demanded a refund of the taxes they had paid.