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The US Supreme Court struck down President Trump's reciprocal tariffs, leading him to impose a 10% global tariff on imports from all countries under Section 122 of the Trade Act of 1974. The Indian National Congress accused Prime Minister Narendra Modi of being compromised in a prior US-India trade deal that fixed Indian exports tariff at 18%, committed India to zero tariffs on several US goods, $500 billion in US purchases over five years, and halting cheap Russian crude oil imports. The deal allegedly occurred in a rushed 30-minute phone call.

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The court ruled 6-3 that President Trump exceeded his authority under the International Emergency Economic Powers Act to impose broad global tariffs after declaring emergencies on drugs and trade deficits. Businesses such as Learning Resources and V.O.S. Selections argued the tariffs hurt operations, and even Justices Gorsuch and Barrett joined the majority. Trump fired back calling the justices disloyal, then quickly imposed a new 10% tariff under Section 122 of the 1974 Trade Act; no refunds are planned for the $133 billion collected, though markets rose on the news.

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Small businesses like a toy importer challenged Trump's emergency tariffs and won a stunning Supreme Court victory Friday. Chief Justice Roberts wrote that the law doesn't allow presidents to raise revenue that way—it's Congress's job.

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The US Supreme Court struck down President Trump's reciprocal tariffs, leading him to impose a 10% global tariff on imports from all countries under Section 122 of the Trade Act of 1974. The Indian National Congress accused Prime Minister Narendra Modi of being compromised in a prior US-India trade deal that fixed Indian exports tariff at 18%, committed India to zero tariffs on several US goods, $500 billion in US purchases over five years, and halting cheap Russian crude oil imports. The deal allegedly occurred in a rushed 30-minute phone call.

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In a letter to Treasury Secretary Scott Bessent and Attorney General Pam Bondi dated Tuesday, Democratic Senators Elizabeth Warren and Jack Reed requested an investigation by December 1 into World Liberty Financial's compliance with anti-money laundering rules, sanctions, and governance. The demand stems from a September report by Accountable.US alleging the project sold $WLFI governance tokens to wallets linked to North Korea's Lazarus Group, a Russian sanctions-evasion stablecoin, Iran's NoBitex exchange, and the sanctioned mixer Tornado Cash. DT Marks DEFI LLC, controlled by Donald Trump and his family, holds 22.5 billion tokens and receives 75% of sales revenue, while the project lists Trump family members in prominent roles; World Liberty Financial maintains it has robust compliance measures with no evidence of wrongdoing.

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Senators Elizabeth Warren and Jack Reed have fired off a letter urging a federal probe into World Liberty Financial, the Trump family's crypto project, over alleged sales to North Korean hackers and sanctioned entities.

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