Supreme Court to Hear Trump Tariffs Case Wednesday

The Supreme Court will hear consolidated challenges Wednesday over President Trump's sweeping global tariffs, asking whether the 1977 International Emergency Economic Powers Act authorizes a president to unilaterally impose tariffs. Small businesses and several states — including toy-maker Learning Resources — argue Congress never intended IEEPA to allow what are effectively taxes and are seeking billions in refunds for disrupted supply chains. Legal experts say the case could fundamentally reshape the balance of powers by testing doctrines such as the 'major questions' principle, and conservative opinion is split over how far the executive may stretch delegated authority. Markets and businesses warn the ruling could trigger market volatility and large fiscal consequences depending on whether the Court upholds or curbs the tariff regime.