India, Feb. 21 -- The Supreme Court of the United States on Friday blocked key tariffs imposed by President Donald Trump, a move that could lower costs for American households next year. However, the ruling also makes it unlikely that Trump will be able to move forward with his plan to send out $2,000 "tariff dividend" checks.

As reported by CNBC, according to John Ricco, associate director of policy analysis at the Budget Lab. Before the decision, the average tariff rate stood at 16.9%. According to the Yale Budget Lab, that rate would have cost the typical US household an extra $1,300 to $1,700 in 2026.

In a 6-3 ruling, the court said Trump exceeded his authority by using the International Emergency Economic Powers Act (IEEPA) to impo...