World awaits landmark US Supreme Court decision on Trump's tariffs

The US Supreme Court is set to hear arguments in a landmark case challenging the legality of tariffs imposed by the Trump administration. Small businesses and several states contend that the tariffs, enacted under a broad interpretation of the International Emergency Economic Powers Act, exceed presidential authority and that only Congress can establish such taxes. The outcome could significantly impact Trump's trade policies, potentially requiring refunds of billions of dollars collected and influencing future presidential power in trade matters. The case hinges on whether the president can declare an emergency under the 1977 International Emergency Economic Powers Act to impose tariffs, a law opponents argue does not explicitly grant such power and that Congress holds the constitutional authority to levy taxes. The Trump administration has used this act to impose tariffs on goods from China, Mexico, and Canada, citing reasons like drug trafficking and trade deficits. Three lower courts have already ruled against the administration, and the Supreme Court's decision, expected by January or June, will have implications for an estimated $90 billion in import taxes already paid. Businesses, such as Learning Resources and Cooperative Coffees, have faced significant financial disruption and increased costs due to the fluctuating tariff policies. They are hopeful for a ruling in their favor but are also preparing for the possibility of continued tariffs. The case is seen as a test of pr... download the app to read more