After months of deliberation, the Supreme Court struck down Trump's emergency tariffs by a 6-3 margin and ruled that he violated federal law by imposing tariffs worldwide.

This is a major loss for Trump from the high court, which usually rubber stamps his every whim.

Any economist worth their salt admitted this was a tax on foreign goods as well as on US consumers.

BREAM: It kept coming up about whether or not this was a tax. And the argument was, if this is a tax, it's left to Congress.

This president does not have the authority or any of the purview to go out there and levy what appear to be taxes.

Now, the Solicitor General argued back saying this isn't a tax. It's a tariff.

It's something different.

And the number of the justices pushed and said, OK, but if it's collecting revenue, that sounds like a tax.

Chief Justice Roberts said in his decision, "IEEPA does not authorize the president to impose tariffs.”

I've been arguing since Trump began his insane yo-yo tariffs that Trump cannot declare something emergency, to do what he wants if there is no emergency.

BREAM: He writes, the power to impose tariffs is very clearly a branch of the taxing power.

A tariff, after all, is a tax levied on imported goods and services.

So that just shows us another place that the majority here was not buying the government's argument.

They very clearly viewed these tariffs as something that were collecting revenue, more akin to a tax and something that would have been left to Congress, which again, Dana, as you noted earlier, a lot of this could be solved by Congress, whether they do it this year.

We're all going to be doubtful about that.

Chief Justice Roberts did not decide what should happen to the billions of dollars already collected in tariffs. At this point, "the United States Court of International Trade (CIT) will likely handle the logistics of refunds and the allocation of the $175 billion in collected."

Keven Hassett told Fox Business earlier that they have a backup plan if a ruling came down unfavorable to them, although they thought the court would support Trump.