Overview

• The Supreme Court granted expedited review and set consolidated arguments for the first week of November on whether IEEPA permits sweeping tariffs.
• On Fox & Friends, President Trump said the U.S. would have to give back “trillions and trillions of dollars” if he loses the case.
• Treasury Secretary Scott Bessent told the Court that delaying a decision could leave $750 billion to $1 trillion collected and difficult to unwind.
• Two lower courts ruled the IEEPA-based tariffs unlawful, and the Federal Circuit left the duties in place under stays pending Supreme Court review.
• Legal experts say projected refund exposure should not influence the constitutional analysis of presidential tariff authority.