Overview

• Late Wednesday, the White House formally petitioned the Supreme Court for expedited review, asking for arguments in early November and a swift ruling.
• The Federal Circuit ruled 7–4 that most of the president’s global levies exceed his authority under IEEPA, but left them in place under a stay through October 14.
• The challenged measures include April’s “reciprocal” tariffs and fentanyl-linked duties on countries such as China, Canada and Mexico, while Section 232 tariffs on steel, aluminum and autos are not at issue.
• Officials and analysts say the fiscal exposure could be large, with reported estimates ranging from roughly $96 billion in revenues to more than $210 billion in importer payments that could be subject to refunds if the ruling stands.
• Treasury Secretary Scott Bessent warned the lower-court decision harms U.S. economic and security diplomacy as the administration prepares alternative legal paths and the president threatens to unwind recent trade deals if he loses.