The president acted alone even though the US Constitution specifically gives the power to tax and impose tariffs to Congress
The court did not say how the government should refund the illegal tariffs, worth an estimated $175 billion
President Trump last year invoked emergency powers to impose sweeping tariffs on imports; A year later, the Supreme Court ruled he exceeded his authority, ending an aggressive tariff regime
Shares of affected companies reacted positively, including Europe's luxury brands from LVMH to Hermes and Italian luxury outerwear group Moncler, all of which rose after the ruling
The US Supreme Court rejected the use of a national emergency law to justify broad tariffs on imported goods
Shares of legacy automaker General Motors recouped some losses and were last down 0.1%, while Ford Motor was last up 1%
Trump has leveraged tariffs - taxes on imported goods - as a key economic and foreign policy tool
Yields rose broadly following the court's decision with the rate on the benchmark 10-year note climbing to 4.10%
UK says its lowest reciprocal tariffs and close ties will safeguard its privileged trade position with the US after the Supreme Court strikes down Trump's sweeping tariffs
"We take note of the ruling by the US Supreme Court and are analysing it carefully," said the spokesperson
Supreme Court struck down sweeping tariffs under a law meant for national emergencies
Gross domestic product increased at a 1.4% annualized rate last quarter, the Commerce Department's Bureau of Economic Analysis said in its advance estimate of fourth-quarter GDP
The prospect of a war between the US and Iran has triggered a rise in oil prices, with Brent trading above $71 a barrel - near six-month highs - and on course for a 5% gain across the week
"We will also act to tighten alliances with our allies. Next week, the Prime Minister of India will visit the country a gigantic power," Netanyahu said
The push for a Saudi-US deal comes as Trump threatens military action against Iran if it doesn't reach a deal over its nuclear program
Nvidia's equity bet follows the collapse of a long-term compute pact, as OpenAI secures fresh funding and expands infrastructure partnerships beyond a single chip supplier
The Trump administration said the finding - a cornerstone for many regulations aimed at fighting climate change - hurts industry and the economy
Nasa completed the test late at night and said there was minimal hydrogen leakage, well within safety limits
Now, these tech giants are getting a chance to make their case in courtrooms around the country, including before a jury for the first time
The measure is expected to benefit opposition members, activists, human rights defenders, journalists and many others who were targeted by the ruling party over the past 27 years