Overview
- On Jan. 14 the justices issued other opinions but not the tariffs case, and they gave no timeline for when a decision will come.
- The dispute tests whether the 1977 International Emergency Economic Powers Act permits sweeping import duties, after lower courts found the law was overused and several justices voiced skepticism in November arguments.
- The tariffs remain in force as challenges proceed, with potential refunds widely estimated around $130–$150 billion to be adjudicated in the trade court, and plaintiffs include major importers such as Costco and 12 states.
- Prediction markets price a high chance the Court will reject the policy, while JPMorgan says continued delay could point to a better outcome for the administration.
- U.S. stocks slipped on the renewed uncertainty, and Treasury officials say refunds could be managed as the administration considers other statutes to reconstitute tariffs if necessary.