Overview
- The court is expected to release opinions at 10 a.m. ET, with the tariffs case—argued Nov. 5—still awaiting a decision.
- Trump used the International Emergency Economic Powers Act to impose broad “reciprocal” tariffs on many partners, including China, Canada and Mexico, and lower courts found the approach exceeded the law but left the duties in place during appeals.
- Justices from across the ideological spectrum signaled skepticism during arguments, and prediction markets show most traders expect the tariffs to be struck down.
- If the tariffs are invalidated, the U.S. Court of International Trade could oversee refund claims within statutory limits, with analysts citing roughly $130–$150 billion in potential collections at issue rather than the trillions Trump warned about.
- Logistics firms say a ruling against the tariffs could swiftly shift ordering ahead of Lunar New Year, while the administration says it has alternative legal paths ready to reconstitute duties if necessary.