Overview
- In a Truth Social post, the president credited record stock highs to his tariff program and urged the Supreme Court to sustain his authority.
- The administration has asked the Court to decide whether the International Emergency Economic Powers Act can authorize broad import tariffs.
- A federal trial court in May 2025 issued a permanent injunction against many of the levies for exceeding IEEPA, and an appellate court affirmed that ruling.
- The tariff program includes baseline duties on most imports plus higher “reciprocal” rates aimed at countries with large trade surpluses with the United States.
- The Dow hit a record and other indexes traded near highs, with energy and financial shares leading gains after U.S. action related to Venezuela, as the White House posted an AI “Mr. Tariff” image to underscore the message.