What happened
President Trump on Wednesday claimed that Supreme Court rulings blocking his emergency tariffs and birthright citizenship order have cost the United States "trillions and trillions of dollars." In a post on Truth Social, Trump criticized the justices for their decisions, which overturned two key pillars of his economic and immigration agendas.
Why it matters for the market
The high court ruled in February that Trump lacked authority under the International Emergency Economic Powers Act to impose tariffs unilaterally, ordering the administration to refund duties paid by importers. As of June 29, U.S. Customs and Border Protection had issued approximately $104.29 billion in refunds. The court also invalidated Trump's executive order restricting birthright citizenship, requiring that children born in the U.S. have at least one parent who is a citizen or permanent resident.
What traders should watch
Conservative justices, including Trump appointee Amy Coney Barrett, sided against the administration in both cases. Trump argued the rulings benefit U.S. adversaries like Russia and China. Meanwhile, researchers from Princeton, Cornell, and Notre Dame estimated that birthright citizenship beneficiaries contributed $7.7 trillion to the U.S. economy from 1975 to 2024.
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