Amazon, Shopify, Etsy rally after Court voids Trump tariffs, Trump vows new 10% levy

Shares of major online retailers rose Friday after the US Supreme Court struck down President Donald Trump’s blanket tariffs, ruling that the president lacks authority under the International Emergency Economic Powers Act to impose broad import duties.

Amazon gained more than 2%, while Etsy jumped near 10% and Shopify climbed over 2%. eBay, Wayfair and Pinduoduo also advanced.

In a 6 to 3 ruling, the Court said IEEPA does not authorize tariffs and cited the major questions doctrine, with Chief Justice John Roberts writing that actions with significant economic impact require clear congressional approval.

The decision voids a 10% levy imposed in April 2025 on imports from nearly all trading partners. Roughly $142 billion was collected under the framework that year and could face refund claims.

The ruling also affects Trump’s removal of the de minimis exemption, which had allowed low value goods to enter duty-free and was widely used by sellers on platforms such as Etsy and Temu.

Retail groups said the decision restores certainty to supply chains, while Amazon CEO Andy Jassy previously noted tariff costs were beginning to filter into consumer prices.

Hours after the decision, Donald Trump said he would pursue alternative legal authority to impose a 10% global tariff.

Speaking at a press conference, Trump said the administration would rely on the Trade Act of 1974, which allows the president to set temporary import restrictions for up to 150 days, adding that “other alternatives will now be used” to replace the duties rejected by the Court.