The Supreme Court last Friday ruled six-to-three against President Donald Trump’s use of the International Emergency Economic Powers Act (IEEPA) to impose tariffs on global trade partners. The Trump administration complied with the decision and on Tuesday began imposing a new 10% global tariff using Section 122 of the Trade Act of 1974. The change provides relief to China, which previously faced an IEEPA rate of 20% (10% reciprocal, 10% fentanyl). The ruling did not address the question of tariff refunds, which is likely to be handled by lower courts.