Overview
- The justices placed the tariff dispute on the November argument calendar, moving other cases to accommodate the Nov. 5 hearing.
- Briefing is expedited, with the administration’s opening brief due Friday and the challengers’ briefs due roughly a month later.
- In a 7–4 ruling, the Federal Circuit concluded IEEPA does not clearly authorize the tariffs, yet a stay keeps the duties in effect during the appeal.
- The challenges were brought by five small businesses and 12 Democratic-led states, with a related suit from toy-maker Learning Resources also before the court.
- Analysts warn that an adverse ruling for the administration could trigger refunds in the tens of billions and lower average effective U.S. tariff rates.