Overview
- The Supreme Court will hear expedited arguments on Nov. 5 over whether IEEPA authorizes the president’s broad, reciprocal tariffs, which remain in force during the appeal.
- President Donald Trump said he might attend the hearing in person, which would be unprecedented for a sitting president.
- The Court denied a motion by Montana interests to intervene in the case, leaving existing parties to argue the challenge.
- A 7–4 Federal Circuit ruling held that IEEPA does not clearly permit sweeping, revenue-raising tariffs, but the court stayed its judgment pending Supreme Court review.
- Analysts report substantial collections to date, including $80.3 billion from January through July per Penn Wharton, and warn that an adverse ruling could require large refunds and reduce projected federal receipts, as the administration signals fallback options under Sections 301 and 232.