Victoria’s Secret shares leaped 5.6% in early trading Friday. Dollar Tree climbed 4%. Abercrombie & Fitch posted a 5.5% gain. Lululemon and Dick’s Sporting Goods registered smaller advances.

The court’s decision invalidated broad levies Trump enacted, including a 10% baseline tariff rate and extra duties on major trading partners. Those penalties targeted shipments linked to fentanyl entering the U.S. The justices held that the International Emergency Economic Powers Act does not permit the president to impose such duties. Only Congress holds that power, the majority opinion stated.

The National Retail Federation praised the outcome. “This provides much-needed certainty for U.S. businesses and manufacturers,” executive David French told the New York Times. He expressed optimism about potential refunds for companies that absorbed the costs.

Such refunds “will serve as an economic boost,” French added. Businesses could reinvest the money in operations, employees and customers, he said.

American consumers, however, stand little chance of seeing any money back. U.S. businesses and shoppers shouldered roughly 90% of the tariff expenses last year. That figure comes from a Federal Reserve Bank of New York study released late last week. It directly challenges Trump’s assertions that foreign nations paid the tariffs.

Retail executives had lobbied aggressively against the duties since Trump announced them. The levies hit apparel, footwear and consumer goods hard. Importers passed much of the expense to buyers through higher prices. The Supreme Court case stemmed from challenges by trade groups and affected companies.

Trading volume spiked across the sector following the ruling. Investors bet on lower costs ahead. Supply chains reliant on imports from China, Vietnam and other nations could benefit most. Analysts pointed to potential price cuts or margin improvements at chains like Dollar Tree and Abercrombie & Fitch.

The decision caps months of legal battles. Lower courts split on the tariffs’ legality before the case reached the Supreme Court. The 6-3 vote split along familiar lines, with conservative justices in the majority.

Business leaders now await details on implementation. The ruling halts new tariffs under the same authority. Existing duties face refund processes, though timelines remain unclear. Commerce Department officials have not commented publicly.

Economists expect ripple effects. Cheaper imports could ease inflation pressures in apparel and everyday goods. Last year’s tariffs added billions to household costs, according to the New York Fed analysis. Families spent an average of several hundred dollars more on affected items.

Shares pared some gains by midday. Victoria’s Secret traded up 4.2% shortly before noon in New York. The broader market rose modestly amid relief in trade-sensitive sectors.