Key Decision Looms on Presidential Tariffs
The US Supreme Court announced that its next hearing is scheduled for Tuesday, a date anticipated to bring a critical decision regarding tariffs previously signed by President Donald Trump.
It remains uncertain whether this session will witness the announcement of the decision, which is being closely monitored by global markets.
In accordance with customary practice, the court did not pre-announce which cases would have their verdicts published. It was indicated that the verdicts could be announced when the judges convened at 10:00 a.m. Washington time.
Potential Delays and Implications
If a decision on the tariffs is not announced next week, the process could be extended by at least another month. The court's schedule shows that Wednesday will be the final hearing before a recess until February 20th. Consequently, any delay in the decision could postpone its announcement until the end of February.
Economic and Political Stakes of the Tariff Ruling
A ruling against Trump could represent a significant setback for the tariffs that were central to his economic policy and might be considered his most substantial legal defeat since his return to the White House. The case specifically addresses the tariffs introduced on April 2nd, often referred to as the "Independence Day" tariffs. These measures imposed additional tariffs ranging from 10% to 50% on a wide array of imports, alongside supplementary tariffs on goods from Canada, Mexico, and China, under the stated justification of combating illicit trade.
During oral arguments on November 5th, justices of the Supreme Court expressed reservations regarding President Trump's authority to implement these tariffs under the 1977 law, which grants the president specific powers during extraordinary circumstances. A verdict unfavorable to Trump could potentially pave the way for tax refund claims estimated to exceed $130 billion.