US Supreme Court Weighs Trump Tariffs' Legality Affecting $90B Trade Revenue

The U.S. Supreme Court is set to hear arguments on the legality of President Donald Trump's "Liberation Day" tariffs, which impose significant import taxes using the International Emergency Economic Powers Act (IEEPA). The case, brought by small businesses and states, challenges whether the President has the authority to impose such tariffs without Congressional approval, arguing it violates the separation of powers. Lower courts have ruled the tariffs illegal, but the Supreme Court's conservative majority could favor Trump, who insists these tariffs were crucial for negotiating fair trade deals, particularly with China. If the Court rules against the tariffs, it could lead to their revocation and require the government to refund billions paid by businesses, though refund processes may be complex and prolonged. The tariffs have been a cornerstone of Trump's economic agenda, with businesses having paid nearly $90 billion so far, and the ruling could significantly impact U.S. trade policy and global markets. The hearing has drawn significant attention due to its potential to reshape trade relations worldwide and the broader balance of executive power in tariff imposition.