Overview

• The U.S. Court of Appeals for the Federal Circuit ruled 7–4 that most of President Trump’s tariffs exceeded his authority under the International Emergency Economic Powers Act, emphasizing that tariff power rests with Congress.
• Late Wednesday, the White House formally petitioned the Supreme Court for expedited review, asking for arguments in early November and a swift ruling while the current duties remain in effect under the stay.
• If the appellate decision stands, the government could face large refund obligations, with cited figures ranging from roughly $96 billion in recent receipts to reports of more than $210 billion paid by companies through late August.
• Treasury Secretary Scott Bessent and the Justice Department say they are preparing fallback options under other trade statutes, while duties imposed under separate authorities such as Section 232 are not at issue in this case.
• The litigation was brought by small businesses and several states, and Trump has warned of severe consequences if he loses, including threats to undo trade arrangements with partners such as the European Union.