The Supreme Court of the United States has ruled today 6 to 3 against President Trump’s IEEPA Tariffs. Such a decision could result in the USA having to pay back over $250B in collected revenue.
Sadly, this means very little for Canada. While it invalidates some fentanyl-related duties on non-USMCA-compliant goods (a minor relief for many exporters), the ruling explicitly does not affect many other U.S. tariffs on Canadian goods, which were imposed under different legal authorities. These include sectoral tariffs on automobiles, lumber, and other industries, which were issued under separate trade laws or authorities, not IEEPA. Steel and aluminum tariffs on Canada were issued under Section 232 of the Trade Expansion Act of 1962, for national security reasons, and doubled to 50 percent in June 2025.
Read the ruling here:
24-1287_4gcjWhile Canadian media will surely celebrate this ruling as a historic defeat, the need for a new trade deal between Canada and the USA remains. The fact that the USA buys almost 80% of Canadian exports is the ultimate reality that Canada must focus on protecting.
As we have always maintained, the Canadian economy would gain significant stability from a robust trade agreement with the United States, provided the government can overcome its ineffective negotiation efforts and missteps. Unfortunately, such a critical deal remains in limbo and uncertainty in the economy persists. Further, a seemingly forgotten obstacle in the media is that the Canadian ban on foreign buyers remains in effect until January 1, 2027.
Update:
In response to today’s decision, President Trump has advised that he will continue his tariff strategy using other legislations, starting with an additional Global Tariff of 10%.
The US Treasury Secretary, Scott Bessent, has said, “Let’s be clear: the Court did not rule against this Administration’s tariffs. It only said IEEPA can’t be used to raise revenue. We will immediately shift to other proven authorities—Sections 232, 301, and 122—to keep our tariff strategy strong.”
Stay tuned…
Read the history of these events here:
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Luke Dalinda, Realtor. Royal LePage Real Estate Services Ltd., Brokerage.
View all current and past Palace Place listings for sale here.
