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Trump's Tariffs Deemed Illegal, Price Hikes Loom Ahead

8/30/2025

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Summary

Story summary

A U.S. appeals court deemed most of President Trump's tariffs illegal, citing overreach under the International Emergency Economic Powers Act (IEEPA).
The tariffs will remain in effect until October 14, allowing time for a Supreme Court appeal.
Economists forecast a $2,400 increase in costs per American household by 2025.
Goldman Sachs projects grocery prices may rise by over 70% due to the trade conflict.

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Story summary

A U.S. appeals court deemed most of President Trump's tariffs illegal, citing overreach under the International Emergency Economic Powers Act (IEEPA).
The tariffs will remain in effect until October 14, allowing time for a Supreme Court appeal.
Economists forecast a $2,400 increase in costs per American household by 2025.
Goldman Sachs projects grocery prices may rise by over 70% due to the trade conflict.