Overview
- The Court added Jan. 9 as an opinion day, making a decision on the IEEPA-based tariffs possible Friday, though the justices have not said which cases will be decided.
- At stake is whether the International Emergency Economic Powers Act allows the president to impose broad tariffs without congressional approval, a power two lower courts have already rejected.
- U.S. Customs data show roughly $133.5 billion in IEEPA tariffs collected by mid-December, and hundreds to more than 1,000 companies have filed refund suits that would proceed in the Court of International Trade if the levies are struck down.
- During November arguments, justices across the ideological spectrum questioned the administration’s reading of IEEPA, and any ruling could craft a narrow remedy rather than automatic, universal repayment.
- Analysts warn a decision invalidating the tariffs could roil bonds and equities and hit federal revenue, even as import-heavy sectors might benefit, and the administration says it will pivot to other trade statutes if needed.