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commerce
shāng yè
商业
·HSK 6

United States (abbreviation)
Měi
美
Supreme Court
zuìgāo fǎyuàn
最高法院
to rule / to adjudicate
cáidìng
裁定
“
Liberation Day
Jiěfàng Rì
解放日
”
tariffs
guānshuì
关税
unconstitutional
wéixiàn
违宪
，
refund / reimbursement
tuìkuǎn
退款
procedure / process
chéngxù
程序
immediately / thereafter
suíjí
随即
to launch / to initiate
qǐdòng
启动
。

Trump
Tèlǎngpǔ
特朗普
government / administration
zhèngfǔ
政府
to implement / to carry out
tuīxíng
推行
structural particle
de
的
“
Liberation Day
Jiěfàng Rì
解放日
”
tariff policy
guānshuì
关税
measures
cuòshī
措施
has reached / now marks
yǐ mǎn
已满
one year
yī nián
一年
，
US federal
Měi liánbāng
美联邦
Supreme Court
zuìgāo fǎyuàn
最高法院
in / during
yú
于
the year 2026
2026 nián
2026年
February
èr yuè
2月
ruled
cáidìng
裁定
the said / this
gāi
该
policy
zhèngcè
政策
unconstitutional
wéixiàn
违宪
，
the federal government
liánbāng zhèngfǔ
联邦政府
immediately
suíjí
随即
face
miànlín
面临
over / more than
yú
逾
more than $170 billion
yīqiān qī bǎi yì měiyuán
1700亿美元
structural particle
de
的
refund
tuìkuǎn
退款
obligation
yìwù
义务
。

March 30, 2026 at 10:00 PM

the year 2025
2025 nián
2025年
April 2
sì yuè èr rì
4月2日
，
United States
Měiguó
美国
president
zǒngtǒng
总统
Trump
Tèlǎngpǔ
特朗普
to announce
xuānbù
宣布
on / against
duì
对
almost / virtually
jīhū
几乎
all
suǒyǒu
所有
imported
jìnkǒu
进口
goods / products
shāngpǐn
商品
to levy / to impose
zhēngshōu
征收
universal / across-the-board
pǔbiànxìng
普遍性
tariffs
guānshuì
关税
，
characterizing it as
jiāng
将
this
zhè yī
这一
historic
lìshǐxìng
历史性
policy
zhèngcè
政策
transformation
zhuǎnbiàn
转变
to describe as
chēngwéi
称为
America
Měiguó
美国
trade
màoyì
贸易
structural particle
de
的
“
Liberation Day
Jiěfàng Rì
解放日
”。
one year later
yī nián hòu
一年后
，
US federal
Měi liánbāng
美联邦
Supreme Court
zuìgāo fǎyuàn
最高法院
in
yú
于
2026
2026 nián
2026年
February
èr yuè
2月
to issue / to hand down
zuòchū
作出
ruling / verdict
cáijué
裁决
，
to determine / to find
rèndìng
认定
Trump
Tèlǎngpǔ
特朗普
to invoke / to cite
yuányǐn
援引
International Emergency Economic Powers Act
Guójì Jǐnjí Jīngjì Quánlì Fǎ
《国际紧急经济权力法》
unilaterally
dānfāngmiàn
单方面
to impose
zhēngshōu
征收
tariffs
guānshuì
关税
structural particle
de
的
approach / practice
zuòfǎ
做法
to violate
wéifǎn
违反
the Constitution
xiànfǎ
宪法
separation of powers
fēnquán
分权
principles
yuánzé
原则
。
this
zhè yī
这一
ruling
cáijué
裁决
causes / leaves
shǐ
使
the federal government
liánbāng zhèngfǔ
联邦政府
facing
miànlín
面临
over
yú
逾
more than $170 billion
yīqiān qī bǎi yì měiyuán
1700亿美元
structural particle
de
的
refund
tuìkuǎn
退款
pressure / obligation
yālì
压力
，
all parties
gèfāng
各方
are currently on
zhèng jiù
正就
refund
tuìkuǎn
退款
procedures
chéngxù
程序
structural particle
de
的
implementation
shíshī
实施
details
xìjié
细节
to launch / to engage in
zhǎnkāi
展开
consultations / negotiations
cuōshāng
磋商
。
from
cóng
从
macroeconomic
hóngguān jīngjì
宏观经济
level / perspective
céngmiàn
层面
to examine / to assess
shěnshì
审视
，
tariff
guānshuì
关税
implementation
shíshī
实施
during the period
qījiān
期间
US
Měiguó
美国
goods
shāngpǐn
商品
trade
màoyì
贸易
trade deficit
nìchā
逆差
consecutively
liánxù
连续
ten months
shí gè yuè
十个月
to narrow
shōuzhǎi
收窄
，
but
dàn
但
manufacturing sector
zhìzàoyè
制造业
newly added
xīnzēng
新增
employment / jobs
jiùyè
就业
far
yuǎn
远
below / lower than
dīyú
低于
government
zhèngfǔ
政府
expectations / projections
yùqī
预期
targets
mùbiāo
目标
。
at the same time / meanwhile
yǔ cǐ tóngshí
与此同时
，
consumer
xiāofèi
消费
price index
jiàgé zhǐshù
价格指数
over
zài
在
the past
guòqù
过去
twelve months
shí-èr gè yuè
十二个月
in
zhōng
中
rose / increased
shàngtǎng
上涨
approximately
yuē
约
2.9 percent
bǎifēnzhī èr diǎn jiǔ
2.9%
，
some
bùfen
部分
economists
jīngjìxuéjiā
经济学家
believe / argue
rènwéi
认为
this
zhè
这
with
yǔ
与
import
jìnkǒu
进口
costs
chéngběn
成本
rising
shàngshēng
上升
and
jí
及
supply chain
gōngyìngliàn
供应链
restructuring
chóngzǔ
重组
closely related
mìqiè xiāngguān
密切相关
。
affected by
shòu
受
high tariffs
gāo guānshuì
高关税
impact
chōngjī
冲击
structural particle
de
的
major
zhǔyào
主要
trading partners
màoyì huǒbàn
贸易伙伴
already
yǐ
已
one after another
xiāngjì
相继
to adopt / to take
cǎiqǔ
采取
retaliatory
bàofù
报复
action
xíngdòng
行动
，
and
bìng
并
actively
jījí
积极
to seek
xúnqiú
寻求
bilateral
shuāngbiān
双边
agreements
xiéyì
协议
in order to
yǐ
以
to circumvent / to avoid
guībì
规避
tariff
guānshuì
关税
barriers
bìlěi
壁垒
。
the White House
Báigōng
白宫
officials
guānyuán
官员
stated
biǎoshì
表示
，
the administration
zhèngfǔ
政府
will
jiāng
将
to seek
xúnqiú
寻求
through
tōngguò
通过
Congress
guóhuì
国会
legislation
lìfǎ
立法
channels / means
tújìng
途径
，
to
jiāng
将
trade
màoyì
贸易
protection
bǎohù
保护
policy
zhèngcè
政策
to give / to provide
yǔyǐ
予以
permanent
yǒngjiǔ
永久
institutionalization
zhìdùhuà
制度化
，
although / despite
jǐnguǎn
尽管
Congress
guóhuì
国会
within
nèibù
内部
on this
duìcǐ
对此
attitude / stance
tàidù
态度
divided / split
fēnqí
分歧
clearly / visibly
míngxiǎn
明显
。

New Words

guānshuì
关税
tariff
zhèngcè
政策
policy
wéixiàn
违宪
unconstitutional
zuìgāo fǎyuàn
最高法院
Supreme Court
cáidìng
裁定
to rule / adjudicate
tuìkuǎn
退款
refund / reimbursement
zhèngfǔ
政府
government
cuòshī
措施
measures / initiatives
měiyuán
美元
US dollars
jìnkǒu
进口
to import

News in English

Business

US Supreme Court Rules Liberation Day Tariffs Unconstitutional One Year After They Shook Global Trade

One year after Trump Liberation Day tariff measures were introduced, the US Federal Supreme Court ruled the policy unconstitutional in February 2026, leaving the federal government facing refund obligations of more than $170 billion.

The Trump administration's 'Liberation Day' tariff policy has now been in effect for one year. In April 2025, President Trump announced universal tariffs on nearly all imported goods as a historic shift in American trade policy. One year later, in February 2026, the U.S. Supreme Court ruled that this tariff policy violates the Constitution. As a result, the federal government faces obligations to refund more than $170 billion to importers who paid these duties.

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International Monetary Fund (IMF)
Guójì Huòbì Jījīn Zǔzhī
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and / with
yǔ
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World Bank
Shìjiè Yínháng
世界银行
annual meeting
niánhuì
年会
in
zài
在
Bangkok
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officially / formally
zhèngshì
正式
to open / to commence
kāimù
开幕
。

IMF and World Bank Annual Meetings Open Formally in Bangkok

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Jiānádà
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trade
màoyì
贸易
minister
bùzhǎng
部长
to lead
shuài
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300 people
sān bǎi rén
三百人
delegation
dàibiǎotuán
代表团
to go to
fù
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Yìndù
印度
to visit
fǎngwèn
访问
。

Canadian Trade Minister Leads 300-Member Delegation to India

artificial intelligence
réngōng zhìnéng
人工智能
revenue / income
shōurù
收入
prospects / outlook
qiánjǐng
前景
to trigger / to cause
yǐnfā
引发
doubts / questions
yíwèn
疑问
，
semiconductor
bàndǎotǐ
半导体
stock price
gǔjià
股价
from
cóng
从
October
shí yuè
十月
peak / high point
gāodiǎn
高点
to retreat / to fall back
huíluò
回落
。

AI Revenue Uncertainty Pulls Semiconductor Stocks Off October Highs

United States
Měiguó
美国
stock market
gǔshì
股市
Friday
zhōuwǔ
周五
strongly / with force
qiángshì
强势
to rebound / to rally
fǎntán
反弹
，
Dow Jones Index
Dào Zhǐ
道指
gained more than
zhǎng chāo
涨超
400 points
400 diǎn
400点
，
to end / to conclude
jiéshù
结束
volatile / turbulent
dòngdàng
动荡
(particle)
de
的
one week
yī zhōu
一周
。

US Stocks Cap Volatile Week With Strong Friday Rally as Dow Gains Over 400 Points