President Trump’s most sweeping tariffs face a landmark test of presidential powers, as the US Supreme Court is set to rule on the implications and legality of Trump’s global duties on trade partners.
The high court’s first two opportunities to issue a verdict this year — the latest on Wednesday — have come and gone without a decision.
Whatever the ruling, the case is being closely watched, as companies like Costco (COST) bring lawsuits against the US government in the hope of securing a refund on import duties if the court rejects Trump’s authority to impose tariffs.
The court heard arguments in early November. Both conservative- and liberal-leaning justices asked skeptical questions of the method by which the president imposed his most sweeping duties. Trump imposed his tariffs by invoking a 1977 law meant for national emergencies.
The Trump administration also made appeals to the court last year, and in recent weeks, Trump has frequently expressed concern over the ruling, saying losing the ability to tariff other countries would be a “terrible blow” to the US. On Monday, he went even further.
“If the Supreme Court rules against the United States of America on this National Security bonanza, WE’RE SCREWED!” he wrote on social media.
